MadParkNews.com, covering New York City's Madison Square Park & Flatiron

The Wall Street Journal reports that the high-rise luxury condo project One Madison Park (23 East 22nd Street) has emerged from bankruptcy-court with a settlement that will allow the almost-finished building to be sold to and finished by either Related Companies or HFZ Capital.

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.

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.

The Wall Street Journal reports that the luxury development One Madison Park (23 East 22nd Street) continues to be the battleground of lenders and developers, and now has Related Companies in the mix as a potential partner in finishing the residential condo project. There was a time when One Madison Park set the record for [...]

The Wall Street Journal reports more drama at ‘mostly finished’ luxury new condo development One Madison Square Park. In November, a potential $40 million investment to complete the project was mentioned, but it seems all is in the hands of U.S. Bankruptcy Court and a battle between two sides.

The Real Deal reports that the One Madison Park condo development (23 East 22nd Street) may receive $40 million from developer Continuum Company to finish up the somewhat stalled luxury residential building.

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 brokers, and buyers wanting out of contracts stalled the once mighty project.

Regardless of its difficult start, the building is in a prime location on the thriving Madison Square Park, which has seen successful new developments Madison Square North and the Grand Madison prosper, as well as new neighborhood gems the Ace Hotel, Eataly, and lots of other recent restaurant openings (Breslin, Bar Breton, SD26, Almond, A Voce, John Dory Oyster Bar) and re-locations of prominent company headquarters to the area (Tiffanys, Grey Group, Whitney).

Curbed reports that brokerage Brown Harris Stevens has lost luxury development One Madison Park as a client to Prudential Douglas Elliman, possibly after some of the alleged problems at the high-end development. Recommend on Facebook Tweet about it Tell a friend Related Posts:One Madison Park condo project looks to have settlement from bankruptcy-courtA tangled tale [...]

In the weekend paper, the New York Times reports that 5 units have fully closed at One Madison Park, 67 are in contract, a few buyers want out, and there are some sort of alleged shenanigans with brokers buying units…read the full “Changes of Heart” article.

Regardless, the views are stunning from these ultra modern apartments. You can see availability and photos on PropertyShark.com.