Madison Avenue condos go to auction

May 24, 2010 02:15PM

Reflecting signs of a turbulent market, property fund Cardinal Real Estate Investments will hold a one-day auction in June for the six remaining units in its nine-apartment building at 127 Madison Avenue, called M127, the New York Times reported. “There’s going to be some discount for this transpiring in an auction format,” said Kyle Ransford, a founder of Cardinal Investments. “But the upside for us is that it happens quickly.” Open houses will be held starting Memorial Day. On June 27, the rest of the apartments will be auctioned off at the Roosevelt Hotel, in an event organized by Paramount Realty USA. There is no minimum bid for the two-bedroom units, some of which have been listed for as much as $1.9 million, but there is a “suggested opening bid” of $599,000. In February of last year, The Real Deal reported that Cardinal Investments had been renting out unsold apartments in the M127, and in one of its other buildings on the Lower East Side. [NYT]