We 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.
As we reported a couple months ago, the seemingly endless litigation over One Madison is seemingly reaching its end. The dispute between the three developers claiming ownership of One Madison -- which is fully constructed, and which is home to some finished condominiums and some unfinished amenity spaces -- started to take some shape back in January, when the feuding parties appeared in court to determine who would take control of One Madison. Last month, things straightened out even further -- and put One Madison on what looks like its most positive trajectory in nearly a year.
"Embattled One Madison Park condominium developer Ira Shapiro has agreed to give up much of his authority at the project under a settlement with billionaire investment partner Cevdet Caner, effectively ending his $40 million rescue deal with investor Ian Bruce Eichner," the Real Deal's David Jones reports. "Caner is now working with [former Shapiro partner Marc] Jacobs, various creditors and lenders to work out a plan to complete his own rescue plan for the project."
Is that the same thing as "One Madison's sales office will be reopening soon, and they're going to finish the lobby, complete the planned swimming pool, and so on?" No, obviously not. But it's closer than we've been in awhile. For the most beautiful zombie in Manhattan real estate, that's good news -- because if One Madison can finally make it all the way to market, it could be one of the blockbuster new condo listings of 2011. And that wouldn't be bad news at all.