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The New York Times just published a fascinating account of the rise and fall of the luxury condo project One Madison Park (23 East 22nd Street), so if you have 10 minutes, it’s worth a read. (What Went Wrong at One Madison Park)

And on a positive note, both HFZ Capital Group and the Related Companies both apparently have competing plans to takeover and finish the building.

There was a time when One Madison Park reportedly set the record for a contract price for downtown Manhattan real estate, but troubles with the builder, the lender, the brokers, and buyers wanting out of contracts stalled the once mighty project.

Read the article at www.nytimes.com/2011/10/16/magazine/what-went-wrong-at-one-madison-park.html.

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