m127: The intense interest in m127 auction is ironic - 07/08/10 02:35 AM
When my recent posts on the auction of six condos in a new development called m127, at 127 Madison Avenue, generated a record number of page views on my blog, I was struck by an irony.
What hit me – ouch! – was the difference between the number of people who registered to bid for the apartments, which were developed between 30th and 31st streets in Manhattan, and the number of buyers who rush headlong from competition in other purchase situations.  To them, the very idea of a bidding “war” is anathema.
But I’ll bet many of these same potential buyers … (0 comments)

m127: Seller rejects $2 million bid for m127 penthouse - 06/28/10 03:30 PM
The winning bid of $2,047,500 (including buyer’s premium) was rejected today for the 2,255-sf  penthouse at m127 following yesterday’s auction of six condos in the building, at 127 Madison Ave. in Manhattan, according to Paramount Realty USA, which conducted the event.
With three bedrooms, two and a half baths and a 338-sf terrace, that unit alone alone was subject to the developer’s approval. The listed price was $3.4 million, and the discount amounts to 40 percent.
The five two-bedroom condos on the block were sold without a reserve, and the developer already has signed those contracts, Paramount said.
Bids minus the … (0 comments)

m127: If you just can’t get enough of the m127 auction in Manhattan, read this - 06/28/10 03:52 AM
 
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)

m127: m127 auction in Manhattan enjoys brisk bidding, modest prices - 06/27/10 12:21 PM

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)

m127: 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)

 
Malcolm Carter (Charles Rutenberg Realty LLC)

Malcolm Carter

Manhattan, NY

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Charles Rutenberg Realty LLC

Address: 127 E. 56th St., New York, NY, 10025

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