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.

Luxury development One Madison Park is allegedly in talks with architect/developer Cary Tamarkin according to Dana Rubenstein of the New York Observer. Hopefully they will finally get this ambitious and potentially spectacular project back on the right course after so many problems.

According to the New York Post, another law suit has been filed relating to the luxury condo development One Madison Park.

(SEE PHOTO & FULL ARTICLE at http://www.madparknews.com/tag/one-madison-park) A New York Times article this weekend, “A Closely Watched Closing”, reports that the first closing has occurred at the One Madison Park new condo development (22 East 23rd street) on the south side of Madison Square Park. The development made headlines in recent years for its height, its contemporary architecture juxtaposed against the nearby Met Life Clock Tower and Flatiron buildings, as well as the record-setting prices for downtown condos (reported to be over $3,000/ft in many cases- we will see the actual closing prices in the next few months on sites like PropertyShark.com).

Apparently the first closing had to be by September 1st of this year in order not to trigger ‘out clauses’ which might let people out of contracts signed to date. The building has had little trouble going into contract on most units though, with well-known buyers reportedly including Warren Buffet’s son, Susan Sarandon/Tim Robbins, and Naomi Watts, and Liev Schrieber.