Articles on One Madison Park

New Luxury Developments Coming to Gramercy Park

One Madison Park

Gramercy Park is one of the most desirable residential neighborhoods in New York City, which is why any news of new luxury real estate development here is almost certainly going to cause a lot of excitement and glee. The latest rumor doing the rounds is that there is going to be a 40-story tower coming up at 45 East 22nd Street, which was once the site of the famous Tony Ciano restaurant.

One Madison Park Open For Business? Believe It

Luxury apartments at One Madison Park may finally be back on the marketIt’s been a long time coming, but the luxury apartments in One Madison Park may finally be put back on the market. Anyone who knows the history of this luxury condo knows that this is no small victory; the legal quagmire that included involuntary bankruptcy, defaulted loans, and ownership changes looked hopeless as recently as a few months ago. But now, a group of creditors including Related Companies., HFZ Capital, and CIM Group won control of One Madison Park last week - a federal court approved their plan to take the glass condominium tower out of bankruptcy. Related Cos. agreed to settle the majority of the outstanding claims (estimated to be in the tens of millions of dollars) a move that will allow them to complete construction at the site. According to the developers, sales on the 55 luxury condominiums in One Madison Park that are unsold could begin by the end of this year.

Flatiron District Hot with Residential Conversions and New Construction

The Story House 36 East 22nd Street Flatiron District Manhattan

The Flatiron District in Midtown south is home to some of Manhattan’s most prolific commercial and residential buildings. From the famed Flatiron Building at 175 Fifth Avenue, to One Madison Park at 22 East 23rd Street, the Flatiron District is anything but shy when it comes to generating buzz in Manhattan real estate news. What was once the center of New York City’s industrial community, the Flatiron and Garment District were discarded by many New Yorkers as inhospitable for the longest time. Nowadays, the strip of Midtown south from the Avenue of the Americas to Park Avenue South, between 14th and 23rd Streets are attracting an impressive wave of old-world residential conversions and new Manhattan construction.

The Story of One Madison Park Nears an End (Maybe)

We’ve covered, along wOne Madison Park in Gramercy Parkith the rest of the real estate world, every development in the agonizingly drawn-out process of turning One Madison Park into an operational Manhattan condo, with little to show for it in terms of resolution -- though we now have some surprisingly intriguing (and sometimes exasperating) stories about the complications of real estate law. The legal limbo of One Madison has been frustrating considering how impressive this Manhattan condominium is, with a prime Gramercy location, notable architecture and covetous amenities. But today is a different kind of day. We have the happy task of reporting that this case of real estate stasis is apparently over -- or at least closer to over than ever before. A bankruptcy court judge in Delaware has recently approved a settlement that would resolve most of the financial claims bogging down One Madison, and grant official ownership jointly to the firms Related Companies and HFZ Capital.

Peace On The Park: One Madison Litigants Settle, So What's Next?

One Madison New York City Luxury Condos for SaleWe are not, by nature, a morbid bunch here at New Construction Manhattan. We love us some New York City, we care about Manhattan real estate, and we're not so much in the bad news business as we are in the news about NYC real estate/helping people find luxury condos in NYC business(es). But while we're generally averse to tales of woe in the NYC real estate market, we find ourselves writing about One Madison -- formerly known as One Madison Park, and still one of the most star-crossed luxury condos in New York City -- fairly often. Why is this? Several reasons. One is that One Madison< is a (as we have noted here before) pretty amazing looking new construction condo, and could yet become one of the most impressive high-end condominiums in NYC. Another reason, though, is that One Madison is just interesting. Already a striking part of the greater Gramercy Park condo scene, One Madison is a building in limbo that could become a blockbuster once it finally figures some things out. Unfortunately for One Madison Park, though, all that figuring-things-out has been taking place in court, thus far. Fortunately, though, things at One Madison Park just might be getting figured out.

Park Life: Is Long-Stalled One Madison Park On The Comeback Trail?

One Madison Park from Gramercy ParkIf you've waited in line at the Shake Shack in Madison Square Park, or even if you've just rambled around the greater Gramercy Park area, you are familiar with One Madison Park. One Madison Park being the striking, super-luxurious and surpassingly star-crossed high-end luxury condo standing at the south edge of Madison Square Park. We've written in the past here at the New Construction Manhattan blog about the travails of One Madison Park, but there hasn't been much news -- good or bad -- of late to report about this particular new construction luxury condominium. Which is a shame, because One Madison Park remains one of the most intriguing new construction apartment listings in Manhattan -- an architecturally stunning building with an elite Manhattan location, what promised to be stunning apartments for sale, and an elite suite of amenities.

New York Times Raves Over Gramercy Luxury Condo One Madison Park, But Is It Too Late?

One Madison, Gramercy Luxury Condos for SaleTaken purely on its merits -- which include a prime Manhattan location at the foot of Madison Square Park, a unique and appealing look, and some of the most luxurious condos for sale in Gramercy -- the new luxury condo One Madison Park is one of the more impressive new condo listings in Manhattan. But taking One Madison Park on its merits misses one very important point: despite being a pretty exceptional Manhattan condominium, One Madison Park is an exceptionally troubled Manhattan condominium. One Madison Park is currently the subject of several ongoing lawsuits and other controversies, which have conspired to bring the final construction on the building's amenities -- the wine cellar, the swimming pool, stuff like that -- to a halt. We wrote about this at the New Construction Manhattan blog back in March, and it remains true today. Of course, all that other stuff we just wrote about One Madison Park -- prime Manhattan location, good looks, stunning condos for sale -- holds true as well. Since New York Times architecture critic Nicolai Ouroussoff's job is to write about a building's aesthetics, it's not surprising that he delivered a very positive review of One Madison Park in today's Times. It seems kind of surprising all the same, though, simply because it has been so long since we've had good news to report about One Madison Park.

Mid-Week Read: One Madison Park, Manhattan's Most Troubled (And Symbolic) Luxury Condo

One Madison Park in ChelseaIf we were perhaps a little too goofy for the (awesome) new Nouvel in Chelsea in yesterday's New Construction Manhattan blog post, it's worth noting that we are only slightly less over-the-moon for the very cool-looking and impressively lavish One Madison Park, a luxury condominium in the Flatiron District at 23 East 22nd Street. But while the condos for sale at One Madison Park are pretty much beyond reproach, the building itself has suffered through an... interesting period of late, with the developers getting into trouble with creditors and the entire building's brand taking something of a hit in the process.