The Real Deal New York

One Madison Park hit with foreclosure suit

February 22, 2010 08:54AM

Developers Ira Shapiro and Marc Jacobs have defaulted on their mortgage interest payments at once-condo-hot-spot One Madison Park, the unfinished 60-story tower on East 23rd Street, according to lender iStar Tara. The lender has filed foreclosure papers in Manhattan Supreme Court, saying that the developers and their Slazer Enterprises owe the company more than $200 million and have committed “numerous breaches of [their] obligations under the mortgages.” The property, with its rocky sales record, has been hit with a number of lawsuits from other lenders and buyers over the past several months. According to the latest iStar suit, judgments, liens and lawsuits pending against One Madison Park total one dozen. The company wants to foreclose on the property, where sources told the Post that the and marketing office has been closed for the past week, and sell it. The foreclosure suit will not affect the condos already sold with the approval of iStar, according to the filing. [Post]

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