If I know the building your speaking of, it's a time share building run by a large hotel chain. Time share owners are usually the first to default when the market gets bad. Lis Pendens is the first legal notice that a mortgagee gets in the foreclosure process, usually when they are 4-6 months behind on their mortgage. Fortunately in Manhattan, we have not had many foreclosures so far, but there has been an increase in short-sales, which can be also be a good good deal. Keep in mind as an investor, most lenders now want at least 40-50% cash down now...they're being much more difficult in qualifying investors. Please contact me if you need information on a specific building or area. I'm a certified Short-Sale Specialist. We don't have MLS in NYC and everything you see on the internet isn't always up to date or accurate. We do however have a linked listing system for Manhattan firms who are members of The Real Estate Board of NY where info is more accurate. Contact me at: www.elliman.com/gjm and I can answer your questions more accurately.