Unsold at auction, m127 penthouse finds buyer

The penthouse that went unsold at the auction of six new condos in the m127 development has found a buyer with an offer that owner Cardinal Investments has accepted.

After weeks of negotiations with more than two interested parties, the contract was signed on Wednesday, according to Misha Haghani of Paramount Realty USA, which conducted the auction of the units at 127 Madison Avenue.

Although Haghani declined to disclose the price until the transaction closes, I have substantial reason to believe that it was between $2.15 million and $2.2 million.  The likeliest sum was $2.175 million.

The reason for my confidence is that one of the individuals bidding on the property had called me for advice on two or three occasions.  I’ve been unable to determine whether he will be the new owner.

At the auction on June 27, the winning bid for Penthouse B was $2,047,500 (including 5 percent buyer premium), but Cardinal subsequently rejected the offer. That apartment was the only one being sold subject to the seller’s confirmation; the others were put on the block “absolute,” meaning the top bid was accepted automatically.

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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

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