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One Madison Park Power Struggle Headed for Bankruptcy Court

Who says nobody is interested in 23rd Street's One Madison Park? The towering ode to the bubble's burst, which has more lawsuits than buyers, now has several interests vying for control of the skyscraper. A couple of them will soon do battle in bankruptcy court, the WSJ reports. They are iStar Financial, the lender that sank $233.5 million into the Shake Shack-shadowing monolith, and developer Ian Bruce Eichner, who got a sweet deal on an apartment and now wants to put another $40 million into the building in exchange for the captain's hat.

Here's just a glimpse into One Mad's madness: Eichner's takeover bid includes retaining one of the tower's original developers, Ira Shapiro, in a $10,000-a-month consultancy gig. However, iStar argues that Shapiro has no authority to agree to a bankruptcy plan, a stance echoed by two mysterious investment funds based in Monaco, which claim they are in charge of the building. Here's to hoping the judge's ruling includes forcing everyone into One Madison Park's $45 million penthouse for a new reality show.
· Battlelines Set in Tower Tangle [WSJ]
· One Madison Park coverage [Curbed]

One Madison Park

One Madison Park, New York, NY 10010