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One Madison Park Halts Sales During Foreclosure Spat

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It's been a rough go of things of late for One Madison Park, the 23rd Street megatower that's as tall as it is troubled. Recent headlines include a foreclosure filing by one of the luxury condo building's lenders, and yesterday all but one of the listings in the building vanished from the market, including the blockbuster triplex penthouse (still asking $45 million). The remaining online listing, a $10 million ask for the entire 43rd floor, is from Brown Harris Stevens broker Wendy Maitland?who also happens to be suing the project's developers. So what gives?

The pulled listings are repped by Elliman's Tamir Shemesh, who tells us he took them off the market because the foreclosure proceedings have frozen sales at the building. "The developer can't engage buyers with contract of sales," Shemesh e-mailed. "Hopefully, this uncertainty will end soon and we will resume the sales."

Last week developer Ira Shapiro told the Post he was "hoping to resolve" the issues quickly, so it might just be a momentary pause (or not). As for the sales effort before the big freeze, Shemesh says it's been going well. Of late the building has had two signed contracts, two contracts out and over 30 offers. And it looks like the website is getting a new look. Might One Mad Park's troubles soon be behind it? Let's see if it can go a week without a new lawsuit before we answer that question.
· One Madison Park [Official Site]
· One Madison Park coverage [Curbed]
Photo via Flickr/Laughing Squid.]

One Madison Park

One Madison Park, New York, NY 10010