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m127 Auction Sells Six Luxury Condos In 20 Minutes

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The first developer-conducted condo auction in Manhattan in over 20 years took place at the Roosevelt Hotel yesterday afternoon. We were on the scene, and it was a fast one! Over 400 hundred people showed up, and in less than 20 minutes, the six remaining units in Cardinal Investments-developed m127, the building creatively named for the city's bus signage, were sold and it was all over. So how did it go? The lowest winning bid was $1,170,000, and the highest was $1,950,000 for the penthouse. There was some uncertainty ahead of time about nearly $9 million the developer owed to the bank and a possible foreclosure, but at the beginning of the auction Cardinal Investments announced that the debt to the bank has been "satisfied." And the talk of foreclosure and past debt didn't have much of an effect on the eager-to-bid crowd.
Here's the slate of winning bids, each of which had a 5 percent bidder's premium:

1) Penthouse B: a 2,225 square-foot (with 338 square-foot terrace) 3BR,
2.5BA was originally listed at $3,400,000, got a highest bid of $1,950,000 and with the buyer’s premium comes to $2,047,000. This was the only unit to have a reserve bid, and the developer could not confirm whether it was met. UPDATE: Paramount Realty USA confirms that the penthouse bid has been rejected.

2) Unit 8: this 1,554 square-foot 2BR, 2BA was originally asking $1,900,000, got a highest bid of $1,350,000, and with the buyer’s premium sold for $1,417,500.

3) Unit 7: this 1,577 square foot 2BR, 2BA was originally asking $1,850,000, got a highest bid of $1,250,000, and with the buyer’s premium sold for $1,312,500.

4) Unit 6: this 1,577 square foot 2BR, 2BA was originally asking $1,775,000, got a highest bid of $1,175,000, and with the buyer’s premium sold for $1,233,750.

5) Unit 5: this 1,577 square foot 2BR, 2BA was originally asking $1,725,000, got a highest bid of $1,185,000 ,and with the buyer’s premium sold for $1,244,250.

6) Unit 2: this 1,550 square foot 2BR 2BA was originally asking $1,600,000 got a highest bid of $1,170,000 and with the buyer’s premium sold for $1,228,500.

Everything came out to a grand total of $8,484,000 and an average price of $840/square foot. The people from Paramount Realty, who conducted the auction, are pushing the auction idea as the next big thing in Manhattan real estate. Think they’re on to something?
· m127 coverage [Curbed]

127 Madison Avenue

127 Madison Avenue, New York, NY 10016