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Some Units Come Down, Others Go Up At One Madison Park
Tuesday, October 20, 2009, by Sara
The goings-on at One Madison Park are, in a word, confusing. There are buyers considering backing out of their contracts and angry film fans getting ready to take back Rem Koolhaas's screening room, and the freakin' lobby hasn't even been built yet. To further illustrate the game of shadows at play inside One Madison Park, here's an example of e-mails we receive about sales in the building:
Amendment 15 to the offering plan includes the Affidavit the sponsor had to file with the A[ttorney] G[eneral] listing sales to “bona fide” buyers (those who aren’t related to the sponsor or real estate agents). The Brauns are listed as the buyers [of unit 11A], and the price is listed as $3,250,000 . . . with 10% escrow deposit of $325,000. Unless the sponsor was lying, there was a purchase contract for the full $3,250,000, and there were escrow funds supporting the sale. However, when the sale actually came through, the actual price was $1,225,000 LESS! That’s right, $2,025,000 – not $3,250,000. That’s a pretty nice haircut.
That clears that right up. So we're sharing what we actually know: there is pricing craziness going on!
According to StreetEasy, unit 46B got a 17 percent PriceChop yesterday, from $6.625 million to $5.5 million. It wasn't the only unit that spent some time chillin' with the Chopper in recent weeks: two weeks ago, unit 26B got a $121,000 Chop, down to $3.99 million. A month ago, 46A was Chopped $155,000, to $2.5 million. But there's an optimist hiding just a few floors below. The building's 30th-floor unit got a $500,000 PriceUpper two weeks ago, to a new ask of $10 million. Realistic, or is the seller trying to put the "Mad" back in "One Madison Park"?
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