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
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
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
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
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
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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Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
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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