Even the bankruptcy judge gave up on One Madison Park, but if there's anyone out there who kept the faith, the building is about to prove you right. Developer the Related Companies has reached a deal to settle the tens of millions of dollars in remaining claims at the building, according to The Real Deal. This clears the way for Related to finish construction and, at last, put unsold apartments back on the market.
In fact, Related hopes to relaunch the building late this year. There are, of course, a few details to be worked out first: the Attorney General would have to approve an amendment to the building's offering plan, and the ownership of several apartments is still up for, uh, debate. Still, this calls for celebration, because we weren't sure this day would ever come. We're guessing the current residents, who don't have to pay common charges until the building is finished, might not be thrilled. But Peter Buffett, hoping to flip his apartment for a small profit, might be.
· One Madison Park coverage [Curbed]