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The only unit to go unsold at June's m127 condo auction was the penthouse, for which the developer refused a $1.95M bid. Now, broker-blogger Malcolm Carter reports, the developer has agreed to an offer on the penthouse. The final price isn't yet known, but Carter guesses it's around $2.175 million. Back when the project first hit the market, the same unit was asking $3.4M. But spending time as a potentially illegal rental probably lowers the resale value. [malcolmcarter.wordpress.com; previously]

127 Madison Avenue

127 Madison Avenue, New York, NY 10016