South Street Seaport’s Luxury Condos On the Market This Fall

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When Related Companies completes its massive Hudson Yards development, the far West Side neighborhood will be unrecognizable from what is currently the largest piece of undeveloped land in Manhattan. Construction on what will be the first tower to open, 10 Hudson Yards, began a year ago, but the 52-story tower is just one piece of the 17-million-square-foot puzzle.

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.