One Madison Park future?

vg61: about 11 months ago

http://therealdeal.com/blog/2012/04/04/related-settles-majority-of-one-madison-claims-sets-condo-relaunch-for-late-2012/

flarf: about 13 months ago

Meanwhile there's still a giant hole in the ground on 22nd Street where the cantilevered sister building was supposed to be, leaving the sole entrance to the building on 23rd. Yuck.

kylewest: about 13 months ago

I cannot begin to imagine the corners cut during construction, during the attempt to complete by new owners, the things that were screwed up due to so many cooks not knowing what was going on exactly, the oversights...

ronbo: about 13 months ago

should be up and ready for sales late in the year if related companies gets the ok

falcogold1: about 19 months ago

NWT,
Just finished the read.
All the writer had to do was read this thread.
too bad it was such a superficial account of the actions that lead to this great building and spectacular disaster.
The ultimate crash and burn story.

NWT: about 19 months ago

There's a recap story in today's NYT Magazine.

somewhereelse: about 19 months ago

I saw new signs up a few weeks ago promoting sales... so something must have changed.

alex123: about 19 months ago

What is the latest here? Anyone?

kylewest: about 23 months ago

This building is SO going to fall over.

33496: about 23 months ago

The apartments at One Madison will be back on the market very soon...

AnonMan2002: about 23 months ago

lol, what a failure

Wbottom: about 2 years ago

i respect those who wait in lines--i don't have the self esteem to handle it

falcogold1: about 2 years ago

shake shack, which I will admit is good, is SO not worth waiting on line for because 1.It's just a burger 2. Anyone who sees you waiting knows your a line waiting loser. 3. Damage to self esteem for waiting on the line....for a burger!!!

Tourists I'm willing to excuse because they don't know better.

kylewest: about 2 years ago

See those tourists lining up by the Plaza to get into the Apple store?
Good topic: Stores with lines to get in.... Anyone else?

truthskr10: about 2 years ago

actually you just reminded me of an even more confusing line ...in Soho....Dash.
I mean what are these people hoping? to see Kim Kardashian? Really? or are they misreading Hash? or are they just smoking Hash.

Wbottom: about 2 years ago

ther'a always the line for abercrombie and fitch, if shake shack aint for you

truthskr10: about 2 years ago

After walking past the madison park the other weekend, I can honestly say there is nothing shake shack could be selling, or giving away, or even paying me to wait on that line for.

33496: about 2 years ago

http://therealdeal.com/newyork/articles/final-rescue-plan-by-ziel-feldman-s-hfz-group-at-one-madison-park-expected-within-weeks

Any news newer than this?

alex123: about 2 years ago

Any updates on the Continuum proposal or the building itself?

diablo: about 2 years ago

This is the first news about this building in a long time... Maybe we will finally see something happen... Although the commenters in the article are skeptical.

http://therealdeal.com/newyork/articles/one-madison-park-to-get-40m-infusion-possibly-from-continuum-company-and-ian-bruce-eichner

One Madison Park to get $40M infusion?
Continuum will foot the bill for a loan restructuring and finish up the project, if bankruptcy court gives the go-ahead November 19, 2010 02:51PM By Amy Tennery

Developer Continuum Company is set to inject $40 million into the troubled One Madison Park residential development and finish up the project, after reaching a deal with developer Ira Shapiro and creditors.

The deal, which is contingent upon bankruptcy court approval, would fund the costs of a proposed restructuring on a loan from lender iStar. The lender gained control of the building from Shapiro's Slazer Enterprises in April, after asserting that the builder had failed to pay it $12 million in interest between October 2009 and February 2010 and owed upwards of $200 million. IStar first filed to foreclose on the property in February.

The building, at 23 East 22nd Street between Park Avenue South and Broadway, is currently the target of pending involuntary chapter 7 bankruptcy petitions in bankruptcy court.

The agreement, announced today, would install Continuum Company Chairman and CEO Ian Bruce Eichner as developer of the project, under the limited partnership "New One Madison Park Member I," upon the completion of the proposed restructuring. Continuum did not respond to a request for more information. Eichner is reportedly a buyer at the building.

In a written statement, Shapiro said he supported the tentative agreement.

"I couldn't be more pleased that the product of our tireless efforts to restructure One Madison Park's balance sheet is the contemplated $40 million infusion that will provide a direct benefit to stakeholders," Shapiro said.

Shapiro could not be reached for further comment.

The 69-unit, 50-story building currently has 19 units in contract, according to Streeteasy.com.

As The Real Deal reported in January, Shapiro, along with co-developer Marc Jacobs, was sued by more than half a dozen individuals, who claimed that the developers borrowed money from them using units in One Madison as collateral. In March, Attorney General Andrew Cuomo ordered Jacobs and Shapiro to offer refunds to any buyers who hadn't closed on their apartments, The Real Deal reported.

IStar declined to comment and Continuum Company did not respond to a request for comment.

diablo: about 2 years ago

There should have been a hearing as part of the bankruptcy proceedings in the past week - anyone know what happened?

Lohengrin, as far as sales and rentals go... The sales office has been closed for a long time with no signs of it opening again anytime soon. But feel free to check out the rental (http://www.halstead.com/detail.aspx?id=1899238) and report back on your findings!

Lohengrin: about 2 years ago

Any news about the sales or rentals????is still alive this building.???

diablo: about 2 years ago

After seeing those photos, I gotta say I'm not as interested in this building anymore. The wall o'kitchen is just terrible, and the living/dining area is too cramped. I guess that is the price you pay to live in a skinny tower... Too bad. (I'm sure the full floors are more spacious, but those are gonna be out of my price range.)

SheaCMB: about 2 years ago

article in curbed, pics of apt

http://ny.curbed.com/archives/2010/10/27/inside_one_madison_parks_first_rental_apartment.php#one-madison-park-rental-3

diablo: about 2 years ago

Wow, a 24-hour (court-appointed) doorman, AND a full-time super, for 6 residents? That IS luxury living! :)

jlnyc50: about 2 years ago

the doorman is court appointed... he is not going anywhere.. a lot of you probably also do not know there is a super- not live in, but full time during the day.

WTF: about 2 years ago

Indeed you get a doorman acturally two to be exact. At the present moment the building has more staff than residents. Rumors are surfacing that because of the istar bankruptcy a staff reduction may take effect. So renters beware you might not even get a doorman -maybe a virtual doorman.

diablo: about 2 years ago

No amenities in the sense of no gym, pool, restaurant, roof deck - all things that were promised but so far not built. You get the basic amenities of a doorman and elevator. Not sure about the storage spaces.

WTF: about 2 years ago

Did you say $7500 and NO AMENITIES?

diablo: about 2 years ago

People looking for a floor plan: there is only one 1,328 sq ft layout, which is the A line on certain floors (9, 12, 14, etc). So it must be this floor plan: http://img.streeteasy.com/nyc/image/70/3059270.png

Negatives: master bedroom has no walk-in closet, master bath has no windows while guest bath does, kitchen is just a bunch of appliances and sink against a wall in the living room.

Positives: master bedroom and living room should have beautiful views of the park (north) from any floor, split bedroom layout.

diablo: about 2 years ago

Haha... Well I was dissing the broker rather than the building itself. I'm actually pretty interested in this building and curious to see where it really trades once the sales office reopens. I think this broker meant "floor to ceiling windows", which is in fact a great feature and a major selling point of the building IMO (assuming you are on a high enough floor to have a view).

$7500 does seem a bit steep, though, to live in an almost-empty building with no amenities, and a temporary lobby/entrance (on 23rd St between two fast-food sandwich restaurants). Does this mean one of the 6 current residents is bailing out?

falcogold1: about 2 years ago

Go ahead and dis one of the great residential buildings of the go-go optomic 2000's. Day late, dollar short but a sparkle to the skyline! Some day it will be a miraculous residence. I might even be a bit of a bargin.

diablo: about 2 years ago

"all glass windows" - wow, what a luxury! What's next, "all wood floors"? "all porcelain toilets"? Maybe some "all metal doorknobs"?

truthskr10: about 2 years ago

And assuming this 1328 sq ft apartment went around $3m, how's that rent vs buy calcualtion work out. :O

Crashwait: about 2 years ago

Halstead better watch it. Pool, health club, roof garden DO NOT exist. And how come no floor plan or pics of the views?

flatirony: about 2 years ago

First rental listing!

http://www.halstead.com/detail.aspx?id=1899238

Quoting RE Spin-meister Amy Herman's listing:

MADISON PARK TRIPLE MINT 2 BEDROOM
Be the first to live in Flatiron's most magnificent offering to date. Triple mint two bedroom, two bath, approximately 1328 SF with all glass windows overlooking Madison Square Park. This apartment has W,N,S exposures, a brand new state of the art chef's kitchen, mint bathrooms, a large master bedroom, central heat and AC, washer/dryer, gorgeous wood flooring throughout and abundant closets. All you need to bring is your toothbrush. Pets on a case by case basis.

rb345: about 2 years ago

Federal coujrt records can be accessed thru PACER. It is free for limited quarterly use. You can
look at docket records, i.e., record of allo court proceedings, and examine all motion papers and
court decisions.

apt23: about 2 years ago

I feel for those 6 residents. I have a Miami condo in a new building that is 97% sold but most residents are part time (second homes). We have a real vermin problem. We have had to implement a plan for the super to go into every apt to flush toilets and run baths twice a month just so the standing water doesn't allow for the bug breeding. Who knows what vermin have taken up residence in One Mad in all those vacant apts.

tell46: about 2 years ago

Hearing on motion to dismiss involuntary bankruptcy filing pushed back again to November 4 unless a consensual agreement is reached before then. Saga continues. Meanwhile, rumors that iStar may be considering BK filing itself... Wonder how the six residents are coping?

tell46: about 2 years ago

Still with the BK court. Initial motions to dismiss were heard a couple of weeks ago. So far judge hasn't considered/responded to arguments. Not sure about timing/next steps. I wouldn't expect the sales office to re-open any time soon... You can find info online (for a fee): Delaware BK court case number 10-11867-KG.