I swung by the Fifth and Madison auction this afternoon hoping to sneak in. Unfortunately security was tighter than at past auctions and I wasn’t able to talk my way in. Fortunately they left the auction room doors open and so I sat with the few other interested parties who didn’t bring $5,000 cashier checks and listened in on the auction.
The format was very similar to the Brix and Gallery auction. Something that was pointed out to me by an Urbnlivn reader there is that Kennedy Wilson also owns Fifth and Madison. They bought it in 2007 for $41 million. Surprisingly this isn’t disclosed in the auction brochure. As both the owner and auctioneer they would definitely be motivated to follow the advice of condtion m) in the additional terms and conditions:
the Auctioneer may, on behalf of seller, bid at any time up to the amount of the unpublished reserve price for each home.
All in all, 16 units sold ranging from $357 to $579 a square foot. Not surprisingly the first unit sold for the most $/sq. ft. Apparently the women who won was quite determined to get it. The Penthouse and #2105 weren’t auctioned. Keep in mind that a few of the units below included furnishings…
|Unit||Sq Ft||Desc.||Prev. Price||Auc.Price||$/Sq Ft|
It’ll be interesting to see how many of these actually close. We estimated that half of the auction sales at Brix and Gallery didn’t close.
It’ll also be interesting to hear from the winning bidders if their bids met the unpublished reserve price. The auctioneer was very careful to say “subject to seller acceptance” after each sale. We wonder how many people will get a call in a day or two asking the winning bidders to come up in price?
Looking at county records Fifth and Madison LLC owns 23 units (127 units total). We’ll have to wait and see how they re-price the remaining units that weren’t auctioned. And to the person who bought unit 303 two days ago, any regrets?
Spreadsheet of results [xlsx]