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Clocktower & One Madison Park condos

Ziel Feldman, who’s HFZ Capital Group partnered with Related Companies to save and finish the floundering One Madison Park condo development (23 East 22nd Street), tells the Real Estate Weekly that prior debts associated with the building have been settled, and vacant units should be ready for occupancy by September. He also has high expectations for the luxury condo development, telling the publication that “Prices on the Madison Square Park condos could be between $2,500 and $3,000 per foot, he said. “We know that buildings for sale on parks in Manhattan add 15 to 20 percent more value.”

There was a time when One Madison Park 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.

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