Posted Oct 26, 2011, 1:23 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,817
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http://online.wsj.com/article/SB1000...googlenews_wsj
Tower Is Back in Play
By JOSH BARBANEL
October 26, 2011
Quote:
One Madison Park, the nearly finished 50-story glass tower that become a symbol of the go-go real-estate market before entering the dark world of foreclosure and bankruptcy court, may soon come back to life, saved by the strength of the Manhattan property market.
On Monday, a bankruptcy-court judge in Delaware approved a settlement that would resolve most claims against the building and likely transfer ownership of the 697-foot-tall tower that looms over Madison Square Park in the Flatiron District to two New York developers. The developers hope to relaunch the building, and make it competitive with some pricey new downtown buildings, such as Superior Ink on West 12th Street, where a penthouse sold last year for nearly $5,000 a square foot.
Before work on the 69-unit development stopped, 12 buyers had closed on condominiums in the building, including Peter Buffett, a composer and son of Warren Buffett, and live there scattered among empty apartments. But after the financial crisis hit, the developers ran out of money. In the rush to raise cash to finish the building, Ira J. Shapiro, one of the developers, transferred now-disputed deeds at discount prices to unfinished condos, without notifying the building's lenders. Construction slowed toward the end of 2009, and lender iStar Financial made a foreclosure filing in February 2008. Related acquired the right to iStar's interest earlier this year.
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NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
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