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Coming Up Short: Grand Madison is Latest 'Sale' Opportunity

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The "short sale" bug that bit Williamsburg's Schaefer Landing hard is now infecting hosts on the other side of the river (curse you, L-riding carriers!). We direct your bargain-hunting attention to this Bond New York listing for a 1.5BR (err, OK), 2BA unit at 225 Fifth Avenue, otherwise known as the Madison Square Park-area luxury condo conversion the Grand Madison. The listing shows the symptoms: *****Short Sale Opportunity***** screams the headline. Below: "Priced to sell!! Make crazy offers!!" However, please note that the distressed asking price is still $1.15 million, a fact not lost on StreetEasy message boarders trying to make sense of it. Says one, "I assume it's going for around $1k/foot (maybe less). Street easy says previous listings went for average of $1500/foot and last blding comp went for $1270, so looks like its coming at a fair discount."
· Listing: 225 Fifth Avenue [Bond New York]
· Thread: Short Sales in NY Apartments? [StreetEasy]