This poorly illuminated photo may give you some idea of the crowd. 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. in Manhattan, I figured I’d make available the first of nearly two and a half pages of the eight-page press release 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 (2 comments)
Hiding in the dark at the left is the auctioneer (thanks to my limited flash). An estimated 250 individuals filled the room in which six new condos listed for a total of $12.25 million in a building called m127 went up for auction today. In bidding that accelerated in mere seconds before nearly reaching the final price, the units at 127 Madison Ave. in Manhattan sold for $8,431,500 including a 5 percent buyer’s premium. The total represented a discount of 31 percent. Excluding the penthouse, the price per square foot averaged $821, which strikes me as rather low for a (0 comments)
auction: Terms of condo auction at m127 are changed
- 06/26/10 03:21 AM
Purchasers who forked over $30 for a bidding package learned minutes ago that the developers of the building at 127 Madison Avenue in Manhattan no longer face foreclosure. According to an announcement by Paramount Realty, which is conducting the auction, “as of Friday, June 25, 2010, Bank of Smithtown has been satisfied in full.” The statement continues: The Sponsor wants to assure you that they can and will close with every buyer at today’s auction. Referring to today’s lending environment, the announcement said further that the seller will grant a 30-day extension to the original 30-day closing date provided that the (0 comments)