With a foreclosure spat leading to a halt in sales at One Madison Park, the Observer's Dana Rubinstein uses the time-out to recap the 60-story condo tower's tumultuous history up this point?including the lawsuits that now number in the double digits, and the latest shenanigans: Developer feuding! Marc Jacobs (not the designer) is accusing his Slazer Enterprises partner Ira Shapiro of fraudulently using his signature in more than 18 instances on promissory notes and other documents related to One Madison Park. Nasty stuff, and a new twist in the saga that will one day make a pretty decent screenplay. Rubinstein thinks it's a tale of inexperienced developers getting in way over their heads, two buddies wanting to make their names in the Big City who might now get shown the exit by their backers. But hey, it could've been worse. For us, that is:
In the end, it doesn’t matter to anyone outside of the mess who owns the development. Or who owns the otherworldly condos inside, second homes for those with too much money to spend. What does matter is that a 60-story tower has been built on the south side of Madison Square Park, and will, in perpetuity, reside there, and surely outlive those involved in its creation, including the young men from Rockland County, and those millions of New Yorkers who move beneath its shadow.
At least it's not ugly.
That may be the only One Madison Park debate the courts won't decide.
· In the Shadow of the Boom [NYO]
· One Madison Park coverage [Curbed]