NEW YORK CITY-Three years after listings began at m127, thehigh-end condominium project at 127 Madison Ave. has achieved asellout using a method reportedly not seen in Manhattan for atleast two decades: an auction by the property’s developer. Sunday’sauction was held at the Roosevelt Hotel, drew more than 400attendees and sold the remaining six of nine units in less thanhalf an hour, a spokeswoman for Paramount Realty USA, whichconducted the auction on behalf of developer Cardinal Investments,tells GlobeSt.com.

Five two-bedroom apartments sold for prices ranging from $1.23million to $1.42 million. The sixth unit, a three-bedroom duplexpenthouse, sold for slightly more than $2 million after originallybeing priced as high as $3.4 million.

“Sunday’s results are proof that auctions represent a smart wayto market and sell real estate,” says Misha Haghani, one of the twoprincipals at Paramount Realty, in a release. “The trend willcontinue to grow here in Manhattan and elsewhere.”