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

Back before there was a One Madison Park glass condo tower, there was a McDonald’s in its space. They left in 2005 to make way for the new development, but there was reportedly a clause somewhere in the transaction that ensured McDonalds would have a space in One Madison Park states the Real Deal (seems very odd they would agree to this, but ok). Well through the market crash, bankruptcy, and ownership changes, McDonalds got edged out of the location but ultimately got a cash settlement. Well they are back. The Real Deal reports that McDonald’s signed a 99 year lease at 26 East 23rd Street right next door to One Madison Park. It’s the space that recently housed a Wendy’s.

I think it probably goes without saying that tenants of the high-end One Madison Park would have probably preferred a different neighbor…

There is definitely some construction action in the space adjoining the 60-floor One Madison Park condo tower at 23 East 22nd Street. Originally it was going to be a 40+ story second tower designed by Rem Koolhaas, but Curbed says the current plan is for a 6-story building. If anyone has information on this, please [...]

You will recall last month that Warren Buffet’s son had his One Madison Park (23 East 22nd Street) condo up for sale, and according to Curbed, it has found a buyer and is in contract. This of course is the same building that never completely finished development and got tied up in the financial crisis, but has been pulled out of the ice by Related Companies and is slated to re-launch in late 2012.

Peter Buffet, the seller, is Warren Buffet’s Emmy Award-winning musician son. (Check out Peter Buffet’s music at http://peterbuffett.com/music/index.html).

With all of the financial trouble at new glass tower development One Madison Park (23 East 22nd Street), sometimes we forget that some people actually did close and move into the luxury building, which is not even 100% completed. One of the buyers was reported to be none other than Peter Buffet, Warren Buffet’s Emmy Award-winning musician son. (Check out Peter Buffet’s music at http://peterbuffett.com/music/index.html).

But Curbed says his unit is for sale, and you can see the unit (and the insane views from it) at ny.curbed.com/archives/2012/03/02/peter_buffett_wants_out_of_one_madison_park_for_41_million.php.

By the way, after a bit of legal squabbling last year, it appears HFZ Capital Group and the Related Companies will take over and finish the building, which should be quite popular given its location and views.

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.