The Big Apple: Village townhouse is auctioned. More!

GREENWICH VILLAGE TOWNHOUSE IS SOLD IN MINUTES

It took only three minutes, from 6:19 p.m. to 6:21 p.m., for the successful bidder to spend $6.634 million at a court-ordered auction yesterday of a Greenwich Village townhouse that had been listed at $9.95 million not long ago.

“I’m very happy with the price I paid,” said the affable bidder, 51, Continue reading

Auctioned M127 condo has just gone on the market

A fifth-floor apartment that was sold at the auction of six new condos in the development called M127, at 127 Madison Avenue, has just gone on the market again.

The listing price is $1.55 million with monthly carrying costs of $1.961.

At the auction, the winning bid was $1.244 million, including the 5 per cent buyer premium. Continue reading

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. Continue reading

Deal said to be near on unsold m127 penthouse

A contract for the sale of Penthouse B in the m127 condominium could be executed within the next two weeks, according to the firm that conducted the June 27  auction of six units in the building at 127 Madison Avenue in Manhattan. The other five units were sold “absolute,” not subject to the seller’s confirmation.

Misha Haghani, a principal of Paramount Realty USA, told me in a telephone interview yesterday that the building’s sponsor has rejected since the auction “more than two” offers for the penthouse in the form of signed contracts that were accompanied by required certified funds of 10 percent of the offering price. Continue reading

The intense interest in m127 auction is ironic

When my recent posts on the auction of six condos in a new development called m127, at 127 Madison Avenue, generated a record number of page views on this blog, I was struck by an irony.

What hit me – ouch! – was the difference Continue reading

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.

Subscribe by Email

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

If you just can’t get enough of m127, read this

This poorly illuminated photo may give you some idea of the crowd.

In the event you want to see the official press release from Paramount Realty USA on yesterday’s auction of six condos at the building called 127m, at 127 Madison Ave., I figured I’d make available the first nearly two and a half pages of the eight-page document issued by its public relations firm (the remainder being even more fluff).

But first, I’d like to point out that I’m always tempted to say an auction can be the best determinant of market value.  Unfortunately, there are so many anomalies to such sales–e.g. auction fever, number of bidders, terms–that I have my doubts.

One example of a different sort of anomaly at the m127 auction was the winning bid for the first of the two units yet to be sold.

Although the otherwise identical sixth-floor condo went for $1.234 million (including buyer’s premium), the fifth-floor unit was hammered down for more money: $1.244 million. Then, the last apartment reverted to the pattern established by the three previously sold units on higher floors, which went for progressively lower prices; the winning bid was $1.229 million.

Now, for the press release, reproduced verbatim: Continue reading

m127 auction enjoys brisk bidding, modest prices

Hiding in the dark at the left is the auctioneer (thanks to my limited flash).

An estimated 250 individuals filled the room in which six new condos listed for a total of $12.25 million in a building called m127 went up for auction today.

In bidding that accelerated in mere seconds before nearly reaching the final price, the units at 127 Madison Ave. sold for $8,431,500 including a 5 percent buyer’s premium.  The total represented a discount of 31 percent.

Excluding the penthouse, the price per square foot averaged $821, which strikes me as rather low for a condo in that area, but the building’s does have its drawbacks. (Because the penthouse sale is unconfirmed, I’m pretty much leaving it out in this post.)

In fact, comparing condo sales in the building’s zip code (10016), the average for two-bedroom apartments, of which only two traded in the last month, is $1,216 per square foot, according to the Online Residential (OLR) database. But I’m not positive whether that is a contract or asking price (and there’s a big difference, as you know).

For all condos in 10016, the average per square foot is $1,116 versus two bedrooms in the whole borough: $1,223.

According to the Miller Samuel appraisal firm, the average price per square foot for all Manhattan condos was $1,154 in the first quarter.  And the median sale price of two-bedroom condos was $1.330 million.

For the five two-bedroom condos sold at the auction, the median was $1.244 million; the average was $1,276,800.

Five of the units were offered without a reserve.  They were hammered down at prices ranging in descending order of $1.417 million for the 1,554-sf two-bedroom, two-bath apartment on the eighth floor to $1.229 million for the approximately same-size unit on the second floor.  (Prices include the buyer’s premium.)

The 2,255-sf  penthouse, which has three bedrooms, two and a half baths and a 338-sf terrace, went for only $2,049,500, subject to the developer’s approval; its listed price was $3.4 million, and the discount amounts to 40 percent. Continue reading

Terms of condo auction at m127 are changed

Purchasers who forked over $30 for a bidding package learned minutes ago that the developers of the building at 127 Madison Avenue no longer face foreclosure.

According to an announcement by Paramount Realty, which is conducting the auction, “as of Friday, June 25, 2010, Bank of Smithtown has been satisfied in full.”  The statement continues:

The Sponsor wants to assure you that they can and will close with every buyer at today’s auction.

Referring to today’s lending environment, the announcement said further that the seller will grant a 30-day extension to the original 30-day closing date provided that the purchaser increases the downpayment by 5 percent with seven days’ notice. The sales must be all cash.

In addition, all five of the condos being offered for sale without reserve will be displayed on a board as “available units.”  The successful bidder of the first round will win the right to select his or her unit of choice, followed by the winner of the second round and so on.

The high bidder of each round is limited to purchasing no more than two units per round.

These eleventh-hour changes are odd, making me wonder just what gives.  Unfortunately, you’ll have to decide for yourself if you are planning to attend the auction and bid.

Subscribe by Email

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

Interest heats up for absolute auction of condos

Flickr photo by Capture Queen.

Although I have been writing about real estate auctions for some time, the interest that I have observed in the selling of six condos at 127 Madison Avenue in Manhattan this coming Sunday at the Roosevelt Hotel has been intense.

Hundreds of readers have looked at my posts on the auction, an unprecedented four readers have called me for advice on the sale, and two asked me to represent them at the auction (before I explained to them the hazards that they faced if their bids were accepted). Continue reading