Queens home bought for $850,000 heads to federal auction from $900,000
A Forest Hills, Queens home once owned by brothers convicted in a massive counterfeiting scheme is heading to a federal auction. The property, purchased in 2003, is being sold by the US Treasury Department following long-standing forfeiture proceedings.
Why it matters
It highlights the intersection of real estate and federal asset forfeiture resulting from high-profile criminal investigations.
A Forest Hills home in Queens that was once owned by two brothers convicted in a major counterfeiting case is now headed for a federal auction, more than two decades after they bought it for $850,000. According to the US Treasury Department's auction listing, the five-bedroom property at 110-37 69th Ave. is scheduled to be sold online on October 23, with bidding starting at $900,000. The 3,572-square-foot house became entangled in federal forfeiture proceedings as authorities pursued the brothers' involvement in a racketeering conspiracy involving counterfeit US currency and money structuring.The home the brothers bought in 2003Eduard and Arkadiy Bangiyev purchased the Forest Hills property in 2003 for $850,000, using a $750,000 mortgage, according to a 2023 ruling by the US Court of Appeals for the Fourth Circuit. The house, built in 1930, sits on a roughly 5,000-square-foot lot.
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