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The Real Deal reports that the 50-story 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 residential condo tower 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).

PropertyShark.com currently shows 13 closings at a very impressive price per square foot of $1831.

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