Houston Rockets owner Leslie Alexander has pulled off a successful flip at Robert A.M. Stern’s Superior Ink with the $31.5 million sale of his unfinished penthouse, and set a new record price for a downtown Manhattan condominium to boot. The Wall Street Journal reports that a foreign, non-celebrity buyer closed yesterday on the 6,300-square-foot full-floor spread after winning a bidding war, and plans to use the apartment as a pied-à-terre. [more]
While the One Madison Park condo development has faced numerous fiscal foibles in the last year, New York Times architecture critic Nicolai Ouroussoff has declared it a triumph. As The Real Deal reported earlier this month, the development’s creditors are aiming to force One Madison into bankruptcy over $12 million in unpaid loans. But financial troubles haven’t taken the luster off of the development, which Ouroussoff described as “a dazzling addition to [its] street.” Discount buyers at the building at 23 East 22nd Street, developed by Slazer Development, also faced legal hurdles, facing a lawsuit filed in May that included more than 80 defendants. [NYT]
While the One Madison Park condo development has faced numerous fiscal foibles in the last year, New York Times architecture critic Nicolai Ouroussoff has declared it a triumph. As The Real Deal reported earlier this month, the development’s creditors are aiming to force One Madison into bankruptcy over $12 million in unpaid loans. But financial troubles haven’t taken the luster off of the development, which Ouroussoff described as “a dazzling addition to [its] street.” Discount buyers at the building at 23 East 22nd Street, developed by Slazer Development, also faced legal hurdles, facing a lawsuit filed in May that included more than 80 defendants. [NYT]
Barry Slotnick and One Madison ParkThe developers of One Madison Park have been hit by a potentially serious new legal maneuver, as three creditors, including a Queens-contractor, filed a petition to throw the building into involuntary bankrupt [more]
Barry Slotnick and One Madison ParkThe developers of One Madison Park have been hit by a potentially serious new legal maneuver, as three creditors, including a Queens-contractor, filed a petition to throw the building into involuntary bankrupt [more]
Barry Slotnick and One Madison ParkThe developers of One Madison Park have been hit by a potentially serious new legal maneuver, as three creditors, including a Queens-contractor, filed a petition to throw the building into involuntary bankrupt [more]
Superior Ink and Rockets owner Leslie AlexanderCeleb-heavy condo Superior Ink at 400 West 12th Street along the Hudson River has just seen its 6,321-square-foot penthouse’s price reduced by $6 million to $33.5 million, according to Curbed. The unit, which Houston Rockets owner Leslie Alexander bought in October last year for $25 million, was immediately placed back on the market for $39.5 million. [more]
One Madison Park, Ira Shapiro (top) and Jonathan Newman (bottom)A state Supreme Court judge handed a victory to iStar Financial today by granting full authority to the interim receiver at the One Madison Park condominium, which is going through foreclosure proceedings. Judge James Yates ordered that attorney Jonathan Newman, who was appointed interim receiver earlier this month, be granted the authority to oversee the completion of One Madison Park. The move represents a significant setback to lead developer Ira Shapiro, who urged the judge to allow him to remain in control over the project, which descended into a bitter split with his development partner Marc Jacobs, and an investigation by the Rockland County District Attorney. “They’re no longer in control of the process,” said Matthew Parrott, attorney for iStar. “The custody and control of the building is in possession of Mr. Newman.” A written order is expected to be issued Monday, Parrott said. Burton Dorfman, the attorney for Shapiro, praised the judge’s ruling, and noted that the developer will still be involved with marketing and completing the 69-unit building in consultation with the receiver. Lawyers said that sales will not resume until Attorney General Andrew Cuomo’s office lifts the ban he imposed more than a month ago. On March 12, Cuomo ordered the developers to refund money to buyers after iStar filed to foreclose and dozens of lawsuits were filed claiming that the developers defaulted on tens of millions of dollars in personal loans used to fund overhead costs at the condo. [more]
Lender iStar Financial has told a state Supreme Court judge that it would fund the remaining construction at the One Madison Park condominium if the court-appointed receiver is granted expanded powers since it says the developer could not be trusted to complete the project. (Note: correction appended)
The remaining construction includes finishing the lobby, an indoor pool, fitness center, and other work to get temporary certificates of occupancy on the upper floors of the 50-story tower. The lender urged Judge James Yates to allow Jonathan Newman, the newly appointed interim receiver, additional powers to oversee the building amid concerns that the current developers, led by Slazer Enterprises president Ira Shapiro, have not fully accounted for millions in missing funds or resolved other problems. [more]
A state Supreme Court judge has named veteran real estate attorney Jonathan Newman as interim receiver of the controversial One Madison Park condominium, which is currently facing a foreclosure lawsuit by iStar Financial.
Newman, a partner at Newman Ferrara, was granted limited rights to oversee the project, including the collection of common charges and sales proceeds, however Judge James Yates allowed lead developer, Ira Shapiro, to continue sales at the 23 East 22nd Street property, at least until a number of legal issues are sorted out.
Yesterday’s move represents a partial victory for Shapiro, the president of Slazer Enterprises, who was facing allegations of forgery by his development partner Marc Jacobs and claims by the lender that millions of dollars in borrowed money was unaccounted for. [more]
