Queens home bought for $850,000 heads to federal auction from $900,000
A Forest Hills property, once owned by two brothers found guilty of counterfeiting, is set to go up for federal auction soon. Originally bought for $850,000 in 2003, the auction will commence at $900,000. Years of legal challenges have clouded its sale following their convictions. Scheduled public inspections will occur ahead of the auction on October 23, shedding light on the property's…
In 2003, two brothers, Eduard and Arkadiy Bangiyev, purchased a five-bedroom house in Forest Hills, Queens, for $850,000. This property, built in 1930, has since become entangled in a federal forfeiture proceeding. The Bangiyev brothers were convicted in a major counterfeiting case involving the production and distribution of counterfeit US currency.
The house, which sits on a 5,000-square-foot lot, underwent forfeiture proceedings as authorities pursued the brothers' involvement in a racketeering conspiracy. Despite being purchased over two decades ago, the property is now set to be sold in a federal auction on October 23, with bidding starting at $900,000, only $50,000 above the original purchase price.
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