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Next Stop for Murray Hill Starchitecture: Auction!

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The lesson to be learned from Murray Hill's m127 building might be this: If you name a luxury condo development like a bus line, expect a long, bumpy ride. The SHoP-designed project?a renovation and multi-story addition (with some hot angled facade action) on lower Madison Avenue?was a Curbed Development Du Jour back in early 2007. Only a few units sold and the rest went rental, perhaps not quite legally in some cases. Now the Times reports that the building's developer, Cardinal Real Estate Investments, will auction six units in a one-day event in June, with "suggested opening bids" such as $599,000 on a two-bedroom unit once listed for $1.9 million. Cardinal, also behind the kidnapped 290 Mulberry Street project, wants to get this one off the books before a possible foreclosure down the road. Cash, credit and MetroCard swipes accepted.
· Madison Avenue Condos Hit the Auction Block [NYT]