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]


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