Ziel Feldman’s Glass Chance: Clinging to One Madison

If Big Real Estate has learned anything from the past few years, it’s that buying boldly to turn around a property doesn’t guarantee a financial mother lode. “He’s done a number of deals over the past few years that fit a similar profile,” said Ben Thypin, a top analyst at Real Capital Analytics, citing the Setai and a brown plot of land on Bryant Park that Mr. Feldman is poised to flip for a tidy profit. Yes, but those are all just buys, The Observer noted. What about successful prior developments of the scale and challenge of One Madison Park? A pause. “That’s not clear,” Mr. Thypin said. “I haven’t heard anything about him prior to these couple of years.” 

Corcoran’s Tamir Shemesh, who was the exclusive broker at One Madison until sales were frozen due to the foreclosure, said he’s spoken with Mr. Feldman at length about the project, in which only 12 units have closed, and he’s confident they could achieve prices into the mid-$2,000s a foot. The circumlocutious catch: “Having the building free and clear of any issues and problems, and being able to finish the lobby, finish the amenity floors, such as the pool and gym, delivering the building and with the state of the market today,” he finally finished, “the developer will be able to achieve that price.”

Mr. Feldman declined to comment for this story until the legal case is resolved. Meanwhile, the mid-size developer with the rapacious appetite could within weeks take over the city’s most noisome project. Further proof? The tower’s slogan from years ago drifts into our heads like the lyric from a bad pop song: “It’s not lonely at the top. Just very exclusive.”