One Madison Park Developers Win Approval Of Ch. 11 Plan

Law360, Wilmington (April 10, 2012, 7:14 PM EDT) -- One Madison Park, a troubled Manhattan condominium project, won Delaware bankruptcy court approval Tuesday for its reorganization plan, which will transfer ownership to a joint venture between The Related Cos. LP and HFZ Capital Group.

U.S. Bankruptcy Judge Kevin Gross signed off on the plan, clearing the new owners to finish construction on the 50-story high rise and begin selling dozens of unoccupied luxury condominiums. One Madison Park was pushed into bankruptcy by creditors in June 2010 after repeated cost overruns left the unfinished project burdened...
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