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
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I, on Cambodia 
You’re top notch Malcolm, I was there as well and noticed some quiet in the room when the price neared the 2mil mark. I believe 2 got a raw deal since the apartment had the smallest one bedroom and the walls were uneven.
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