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one madison 081609A 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. 

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