Related Companies’ takeover of One Madison Park appears to be benefiting buyers who purchased into the building. According to the New York Post, Emmy winner and composer Peter Buffett, son of billionaire investor Warren Buffett, sold the 1,962-square-foot three-bedroom condominium on the 18th floor for $4.25 million — despite listing it for $150,000 less and buying it three years earlier for $3.56 million.
The bidding war was won by someone in the financial industry who payed all cash. The unit was listed by Yoko Sanada of Prudential Douglas Elliman and had previously been reported to have entered contract.
Last month Related reached a deal to settle most of the outstanding claims on the condo building, at 23 East 22nd Street, which has been troubled since June 2010, when a group of three creditors filed an involuntary bankruptcy petition against the development. The developer took over the project when Amalgated Bank bought the loan and hired them to take over their project. [Post, 1st item]