Foreclosure forces sales freeze at One Mad.


One Madison Park and Tamir Shemesh

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After being hit with a foreclosure suit this week, sales have halted at One Madison Park, according to Curbed. After defaulting on their mortgage, Ira Shapiro and Marc Jacobs, the developers of the 60-story tower, were served with the suit, which claims they owe their lender upwards of $200 million. Tamir Shemesh, the Prudential Douglas Elliman agent who has been marketing the listings at One Madison, said that the foreclosure proceedings have forced the sales hiatus. “The developer can’t engage buyers with contract of sales,” Shemesh said.