Image courtesy of Cube 3 and Jacobs

A Medford life science development site appraised at $52 million in 2022 was sold at a foreclosure auction Tuesday afternoon for $5.5 million.

Canton-based New York Capital Investment Group, a holding company that manages Prestige Car Wash & Gas locations, submitted the high bid for 4054 Mystic Valley Parkway.

A representative declined comment on plans, except to quip that he enjoys the fare from the brick oven Bertucci’s pizzeria that currently occupies the 1.4-acre property near Wellington Circle.

Paul E. Saperstein Auctioneers & Appraisers conducted the foreclosure on behalf of the lender, Hudson-based Avidia Bank.

In March 2023, Avidia Bank provided a $25 mortgage to developer Rise Construction Management. Boston-based Rise acquired the 1.4-acre property in April 2023 for $8.25 million after receiving approval from Medford officials for an 8-story, 311,535 square-foot lab building.

But the project never got off the ground as lab leasing plummeted and life science tenants gravitated to established industry clusters in Cambridge and Route 128 suburbs.

The property was appraised at $52 million in 2022, according to a court filing in a civil lawsuit in Suffolk Superior Court.

The Medford Assessor’s Office currently values the property at just over $4 million.