Citi Mortgage Secures Five Combined Units at Trump Parc via Deed in Lieu of Foreclosure

In a noteworthy Midtown transaction recorded on December 12, Citi Mortgage assumed control of five combined condominium units on the 21st floor of the iconic Trump Parc at 106 Central Park South through a deed in lieu of foreclosure, valued at approximately $18.9 million. The units, tied to an Australian developer’s trust, represent a high-profile adjustment in one of Manhattan’s prime locations overlooking Central Park. This deal occurred amid a steady daily market with 169 citywide transactions totaling $276 million. While foreclosure-related transfers can signal isolated financial pressures, this one underscores ongoing recalibrations in luxury holdings post-pandemic, particularly for leveraged international owners. Trump Parc, a landmark building with its prestigious address and amenities, remains a sought-after address, and such resolutions often pave the way for new ownership opportunities without disrupting broader market momentum.