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One Madison Park Developer Loses Power Struggle

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Who put the "mad" in One Madison Park? We've given up trying to pin it down, because everyone who comes into contact with the building has a little something new to add. The last twist in the skyscraper's saga was a battle for control between lender iStar Financial, developer Ian Bruce Eichner?who was offering to put $40 million into the building if allowed to take over?and a mysterious lawsuit-filing Monaco-based investor who turned out to be Cevdet Caner.

That name is important: The Real Deal reports that troubled One Mad Park developer Ira Shapiro has reached a settlement with Cevdet Caner over control of the building. This means Eichner's takeover bid (which would have kept Shapiro on as a $10,000/month consultant) isn't happening, but as for what is happening, Cevdet Caner's still ironing out the details. In the meantime, maybe any interested parties could rent to own.
· Shapiro loses control of One Madison [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