Seller rejects $2 million bid for m127 penthouse

The winning bid of $2,047,500 (including buyer’s premium) was rejected today for the 2,255-sf  penthouse at m127 following yesterday’s auction of six condos in the building, at 127 Madison Ave., according to Paramount Realty USA, which conducted the event.

With three bedrooms, two and a half baths and a 338-sf terrace, that unit alone alone was subject to the developer’s approval. The listed price was $3.4 million, and the discount amounts to 40 percent.

The five two-bedroom condos on the block were sold without a reserve, and the developer already has signed those contracts, Paramount said.

Bids minus the penthouse totaled $6,384,000, resulting in an average price of $1,276,800.

The sum of all the sold apartments represents a 28 percent discount from the previously listed total of $8.85 million for them.

If this is your first dip in the waters of my blog on the auction, you may want to have a look at my posts earlier today and also yesterday.

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Malcolm Carter
Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022

M: 347-886-0248
F: 347-438-3201

Malcolm@ServiceYouCanTrust.com
Web site

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