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