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.With its developers tied up in a complex and seemingly endless series of court cases, though, it has been difficult to tell what, if anything, is going on at One Madison Park. Now, though, finally, there may be some movement at this unluckiest of New Construction Manhattan favorites. And this time, the news could be good. As is usually the case with this most complicated of luxury condos, the story is complicated. But the long story short is that both a Monaco-based investor and original developer Ira Shapiro are claiming to have the funds necessary to bring One Madison Park to market. Given the extraordinary distinction of One Madison Park in just about every facet, it's reasonable to expect that it would be a major hit on the Manhattan condo market. The question, though, is just who has control of the building -- and how quickly that question will get itself sorted out. "The Monaco-based investor who challenged a plan to restart a derailed Manhattan condominium project told a bankruptcy court that he was prepared to file his own plan and bring in millions of needed investment in the project," the Wall Street Journal's Peg Brickley writes. "Cevdet Caner, the investor, said that his plan for the long-stalled One Madison Park high-rise tower could be filed within days if the Delaware bankruptcy court gave him control of the nearly complete 50-story glass tower overlooking Madison Square Park." Whether Caner or Shapiro winds up with control of the building is, as they say, a matter for the courts. For our part, though, we certainly hope that the courts decide this matter quickly. One Madison Park is too impressive a building to be stuck in limbo, and while it's frustrating to see this NYC condo gem still stuck there, it's at least heartening that -- at least and at last -- there's finally some movement towards getting this most complicated of stories heading towards its conclusion.