Controversy magnet One Madison Park is headed for foreclosure, the Post reports. Surprise! Or not. Between buyer backouts, lawsuits, and plenty of confusion over sales and common charges, foreclosure kinda seems like it's all in a day's work for East 23rd Street's 60-story sensation. Lender iStar Tara claims in court papers?bringing the One Mad Park lawsuit tally up to a dozen?that building developers Ira Shapiro and Marc Jacobs and their company, Slazer Enterprises, have defaulted on the building's mortgage and owe iStar more than $200 million. The iStar suit also says the developers didn't keep enough cash around to, uh, finish the building. The iStar lawsuit says already-sold condos won't be affected by the suit, and Shapiro told the Post last week that he was "hoping to resolve" the building's issues with the lender. Maybe he plans to offer them free condos?
· Foreclosure looms for One Madison Park [NYP]
· One Madison Park coverage [Curbed]