Another day, another bit of...good news for One Madison Park? No, we haven't entered an alternate universe. The highly troubled condo building may be getting a $40 million cash infusion that would allow the project to finally finish up, The Real Deal reports. The money would come from developer Continuum Company. But perhaps not just out of the kindness of its heart. The CEO of Continuum would become the project's developer, and that CEO is none other than Ian Bruce Eichner, who was previously seen getting sued for paying only $5 million for his own apartment at One Madison Park, in exchange for a $4.5 million loan to the building's developers. A judge refused to dismiss the suit back in May because it was unclear whether Eichner and other defendants in the suit were legit purchasers. So we have to give Eichner, who is poised to move from One Madison Park defendant to One Madison Park owner pending bankruptcy court approval, a round of applause.
· One Madison Park to get $40M infusion? [Real Deal]
· One Madison Park coverage [Curbed]