One Madison Park to Receivership; Flood of Sales to Come?
All is not lost for would-be buyers of ultra-luxe condos at the skyscraper-cum-recession symbol that is One Madison Park.
A judge on Thursday ordered the appointment of a receiver and the resumption of sales at the 23rd Street condominium tower, a 60-story monument to the reckless hubris of the run-up to the Great Recession.
The building is still incomplete, is the subject of more than a dozen lawsuits and has caused a rift between the two principals and onetime friends who, as Slazer Enterprises, developed the tower. In February, lender iStar Financial sued to foreclose on the property, which forced a halt to all sales in the building.
The Observer profiled the development, and the resulting imbroglio, in March.
Tamir Shemesh, the Prudential Douglas Elliman broker in charge of sales at the condo, said he was thrilled with the news.
“All parties are extremely happy with the judge’s ruling, because obviously nobody wants to see the project fail,” he said. “We have a lot of buyers that are waiting for resolution so they can move forward because they love the building so much.”