One Madison Park: Pity the Poor Luxury Condo Owners

View from the frontier.

A couple of weeks ago, The Observer peered at a single light burning at failed condo project One Madison Park and speculated that it must be quite lonely at the top. Today The Journal reports that it’s a veritable frontier up there.

The dozen buyers (nine of whom The Observer has been told have moved in) are roughin’ it, with no pool, no spa and (heavens!) an unfinished marble lobby. Add to that the indignity of looking out at the Empire State Building from a maintenance-free $1.5 million condo with a one-to-one staff-to-resident ratio and life must indeed be hard.

Ziel Feldman is set to present a rescue plan to bankruptcy court any day n0w. According to today’s story, units could then hit the market later this year. While the new buyers will have to pay a great deal more than current residents did if Mr. Feldman and his partners are to recoup their investment, at least they’ll get some amenities thrown in. One Madison Park: Pity the Poor Luxury Condo Owners