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.As we've seen at Battery Park City's Riverhouse, wrangling among the money people doesn't necessarily harm a luxury condo's viability, but One Madison Park's struggles have been more public than most. In a longish, interesting piece in the New York Observer, Dana Rubinstein proves that One Madison Park's issues are also more interesting than most. "The fates of the dozens of buyers in contract with the building remain unresolved," Rubinstein writes. "The state attorney general’s office could grant buyers a right of rescission, which would allow them to demand their deposits back. But given the prestige of the building, its powerful allure and its ideal location, buyers might well choose to stick out the turmoil." It's an interesting story well-told, and a very worthy mid-week read.

NYC Daily Real Estate Blog

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