Paramount closes on last unit at m127

alternate text
Paramount Realty’s Misha Haghani, m127

Sign Up for the undefined Newsletter

Paramount Realty USA has closed on the last unit at Cardinal Investment’s m127 condominium — a three-bedroom duplex penthouse — for $2.18 million, or $965 per square foot. “We are very pleased to have totally sold out the entire building,” said Misha Haghani, a principal at Paramount Realty USA, the auction company that sold the building’s five other units at a June 27 auction, netting a total sale of approximately $9 million. Paramount Realty USA’s June auction of the m127 condo units — at 127 Madison Avenue between 30th and 31st streets — was attended by 400 people, and was the first developer auction of a Manhattan condominium development in almost 20 years. “The auction model is a powerful way for sellers to regain leverage in a buyer’s market,” added Scott Burman, another principal at Paramount. TRD