One Madison Park is delayed — again

New York /
Aug.August 10, 2012 03:30 PM

With so little inventory and a seemingly increased number of deep-pocketed home-hunters in Manhattan, the market conditions are ripe for new luxury condominiums. According to the New York Times, that’s rewarding developers who displayed patience during the downturn. But those eagerly awaiting the relaunch of HFZ and Related Companies’ One Madison Park will also have to show patience.

In a story about stalled condo projects, Related told the Times that it is now planning on bringing the units to the market in early 2013. In April, sources told The Real Deal the developers planned to put the units online later this year.

It’s just the latest in a long history of trouble for a project that spent more than a year-and-a-half in bankruptcy. And the timing could make a difference, according to new development sales statistics relayed by the Times. Contract signings at new developments are up 26 percent over the last two years even as development inventory has shrunk by 58 percent over that period. But there’s only a limited time to take advantage of these market conditions. Citing Corcoran Sunshine data, the Times said some 1,500 new development units will be introduced in each of the next three years. [NYT]


Related Articles

arrow_forward_ios
Related's Jamar Adams and Steve Ross with 14-06 Gateway Boulevard (Credit: Getty Images and Google Maps)
Related is the latest developer to target the Rockaways
Related is the latest developer to target the Rockaways
The door at 553 West 30th Street, Related's Stephen Ross and 15 Hudson Yards (Getty, Google Maps)
Judge rejects “poor door” lawsuit at Related’s 15 Hudson Yards
Judge rejects “poor door” lawsuit at Related’s 15 Hudson Yards
Related Companies' Stephen Ross andb Furnished Quarters' Gary Brown and Steven Brown (Related, Furnished Quarters, Getty)
Related claims short-term rental provider owes it millions
Related claims short-term rental provider owes it millions
From left: Related's Stephen M. Ross and Bruce A. Beal, Jr. (Photo Illustration by The Real Deal with Getty Images, Related)
“Violations of unprecedented scope and severity:” NFL fines Stephen Ross for tampering with Tom Brady
“Violations of unprecedented scope and severity:” NFL fines Stephen Ross for tampering with Tom Brady
From left: Sterling Equities' Fred Wilpon, Mayor of New York City Eric Adams, Related Companies' Stephen Ross, NYCFC's star Maxi Moralez (Getty Images)
Queens soccer stadium headed for Sterling Equities, Related land: report
Queens soccer stadium headed for Sterling Equities, Related land: report
Steven Ross with the Deauville resort (Getty, Google Maps)
Steve Ross’ redevelopment of historic resort in Miami Beach advances
Steve Ross’ redevelopment of historic resort in Miami Beach advances
Related CEO Jeff Blau and 455 Tenth Avenue (Chris Martin, Google Maps, iStock)
Related launches lodging for executives’ hybrid work
Related launches lodging for executives’ hybrid work
Related's Stephen Ross, the Gregory Hotel at 42 West 35th Street and Meadow Partners’ Jeffrey Kaplan (Getty, Google Maps, Meadow Partners)
Related sues Meadow after foreclosure on Garment District hotel
Related sues Meadow after foreclosure on Garment District hotel
arrow_forward_ios

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

Loading...