Facing foreclosure, Madison Avenue condo sells out remaining units at auction

TRD New York /
Jun.June 28, 2010 08:30 AM

127 Madison Avenue (photo: CityRealty)

The last six apartments at the 12-story M127 condo — which had been on the brink of foreclosure after a failed sales attempt — sold out at a Roosevelt Hotel auction yesterday in a little more than an hour, according to the Wall Street Journal. It was the first successful auction by a Manhattan developer — Cardinal Investments — in over two decades, said Misha Haghani of Paramount Realty USA, who ran the event. More than 100 registered bidders attended, and winners paid an average of $840 per square foot for the apartments — a major discount. A 1,577-square-foot apartment sold for $1.24 million, 25 percent less than what a similar apartment fetched in 2008. Cardinal, which had sold only three units in the nine-unit building at 127 Madison Avenue in early 2008 and had nearly $9 million in debt on the property, yanked the remaining six homes from the market during the downturn. As The Real Deal reported last year, Cardinal was illegally renting those homes in the interim to short-term and extended-stay hotel guests. [WSJ]


Related Articles

111-115 West 141st Street and 148 West 141st Street (Credit: Google Maps)

Brooklyn multifamily building sale tops this week’s list of mid-market deals

Donald Trump and the Trump Hotel in Washington D.C. (Credit: Getty Images)

Deadline is set for bids on Trump’s DC hotel

Brad Zackson and 2371 Exterior Street (Credit: Google Maps)

Brad Zackson deal included in this week’s mid-market investment sales

Renderings of 450 11th Avenue and 350 West 39th Street (Credit: DSM Design Group and Gene Kaufman Architect)

NYC’s strong hotel pipeline pushes down occupancy, revenue: report

Clockwise from left: 23 Peck Slip, 535 Zerega Avenue in Castle Hill, and 1181 Sherman Avenue in the South Bronx with Mark Gjonaj (Credit: Google Maps, Facebook)

Bronx pol has two connections to our weekly deals list

Sam Chang and 150 West 48th Street (Credit: Google Maps)

Sam Chang lands $250M loan for Midtown hotel project

Clockwise from top left: 114 Ridge Street, 780 East 135th Street, 30 Hudson Yards and 1274 Flushing Avenue (Credit: Google Maps)

What’s this Utah biz doing in NYC? Topping our I-sales list

From left: 86-08 Queens Boulevard, 169 First Avenue and 3540 Decatur Avenue (Credit: Google Maps)

Raymour & Flanagan purchase tops week’s mid-market investment sales