One Madison Park’s next-door neighbor sues

New York /
Apr.April 05, 2011 09:28 AM

Ira Shapiro and One Madison ParkOne Madison Park, the embattled, 50-story condominium tower at 22 East 23rd Street, has been hit with yet another lawsuit, this time by the owner of the next-door property, which developers Ira Shapiro and his partners have been in contract to buy for $13.8 million since 2007.

According to Crain’s, Abe Shrem’s Flamingo LLC, which, despite the signed contract by Shaprio, still owns 26 East 23rd Street, is claiming that the developers forged signatures and posed as the owners of the site in order to demolish part of the structure there and install a duct on a support structure there without permission. Their work at the site is “preventing Flamingo from receiving the full use and enjoyment of its rights,” according to documents filed in U.S. Bankruptcy Court for the District of Delaware last week.

This is not the first legal tussle surrounding Shapiro’s planned purchase of 26 East 23rd Street, which was alleged to have been a settlement in a dispute with McDonald’s. The fast-food chain’s former home was torn down in order to make way for the luxury condo, and McDonald’s was supposed to be relocated to the 26 East 23rd Street site as part of the deal.

It’s also not the only pending litigation for the developers, who are in the midst of involuntary bankruptcy proceedings with debt of more than $230 million.

Shapiro has a tentative agreement to sell the condo to HFZ Capital Group, but the plan hasn’t yet been presented in bankruptcy court, and meanwhile, Bruce Eichner is still angling for a takeover as well. [Crain’s]


Related Articles

arrow_forward_ios
Ziel Feldman, Ben Ashkenazy and 600 Madison Avenue. (Getty, Ruben Companies)
Ashkenazy takes over HFZ’s office at 600 Madison
Ashkenazy takes over HFZ’s office at 600 Madison
HFZ Capital Group's Ziel Feldman, a rendering of 29th&5th and Marble Collegiate Church (Getty, HFZ)
HFZ, Marble Collegiate Church lose NoMad development site
HFZ, Marble Collegiate Church lose NoMad development site
Avishai Abrahami with Ziel Feldman and Nir Meir, and 500 Bailey Ave, Buffalo, NY; 707 Spence Lane, Nashville, TN; 1100 Milwaukee Avenue, South Milwaukee, WI (Getty, Google Maps, NY Supreme Court)
Ziel Feldman, Nir Meir accused of fraud over $30M loan
Ziel Feldman, Nir Meir accused of fraud over $30M loan
HFZ founder Ziel Feldman and Nir Meir (iStock, HFZ/Illustration by Kevin Rebong for The Real Deal)
Ziel Feldman alleges Nir Meir used HFZ as “personal piggy bank”
Ziel Feldman alleges Nir Meir used HFZ as “personal piggy bank”
HFZ CEO Ziel Feldman, a rendering of 3 West 29th Street and the Marble Collegiate Church (Illustration by Kevin Rebong for The Real Deal)
Faith alone: How one Manhattan congregation got caught in HFZ’s downfall
Faith alone: How one Manhattan congregation got caught in HFZ’s downfall
HFZ's Ziel Feldman. (Getty, Shore Club)
HFZ faces lawsuit, unpaid tax bill for Shore Club South Beach hotel
HFZ faces lawsuit, unpaid tax bill for Shore Club South Beach hotel
Ziel Feldman with Fifty Third and Eighth. (The Xi, 53rd and 8th)
HFZ loses control of 4 Manhattan condo projects
HFZ loses control of 4 Manhattan condo projects
A photo illustration of the Belnord at 225 West 86th Street and HFZ CEO Ziel Feldman (Getty; iStock/Illustration by Kevin Rebong for The Real Deal)
Westbrook takes over HFZ’s Belnord conversion
Westbrook takes over HFZ’s Belnord conversion
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...