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One Madison Park Units Could Return to Market Next Year

The latest One Madison Park news is, for once, not about the filing of a new lawsuit at the building?it's about the end of one! A bankruptcy judge has approved a settlement for the almost-done (but missing a few crucial elements) project, we learn from the Journal. That settlement will probably give ownership of One Mad to the Related Companies and HFZ Capital, who were previously competing for control of the property. Their plan: finish up the building and bring it back to market, perhaps as soon as next year. They're even thinking about plans for that long-arrested sister building! We need to sit down.

Of course?and here's the One Madison Park we know?there's one complication. The judge also ordered that the building be offered up via auction in December, so that the creditors have a chance to consider other possible buyers. Since Related and HFZ already own a sizable chunk of the building's debt, an upset is unlikely. But with this building, nothing is impossible.
· Tower is Back in Play [Curbed]
· One Madison Park coverage [Curbed]

One Madison Park

One Madison Park, New York, NY 10010