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One Madison Park Lender: Hey, Where'd That Money Go?

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After the foreclosure, the sales halt, the fraudulent signature dispute and everything else, the goings-on at One Madison Park may have finally lost all power to shock. But that doesn't mean the shenanigans are going to stop! Not when the potential foreclosure fallout means the fun is just getting started. The Real Deal reports that the lender now claims to be missing millions of dollars from One Madison Park apartment sales. In a state Supreme Court hearing, lender iStar brought up the allegations that the same units were sold to multiple parties and that some buyers were asked to make out checks to various law firms or provide blank checks, rather than making out their down payment checks to the escrow agent. And now the down payment money's allegedly missing. The developer's attorney's response? Let's get these problems cleared up ASAP because "there's enormous pent-up demand" among prospective One Mad Park buyers. In the meantime, they might be interested in this bridge we have for sale.
· Lender says millions in One Madison condo funds missing [Real Deal]
· One Madison Park coverage [Curbed]

23 East 22nd Street

23 East 22nd Street, New York, NY

One Madison Park

One Madison Park, New York, NY 10010