It’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.

We’ve covered, along with 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.

If 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.

If 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.