One Madison Park future?

How does everyone feel One Madison Park will do with the recent downturn? I know that everything is in contract, but I remember hearing that the building was mostly bought by brokers at BHS? Is this true? If so, do you think these brokers were mostly planning to resell? Another question - many of the listings have increases AFTER the unit went into contract, can a broker here explain this? I'm not... [more]

How does everyone feel One Madison Park will do with the recent downturn? I know that everything is in contract, but I remember hearing that the building was mostly bought by brokers at BHS? Is this true? If so, do you think these brokers were mostly planning to resell? Another question - many of the listings have increases AFTER the unit went into contract, can a broker here explain this? I'm not predicting massive walk-aways or anything crazy, but aside from the full floor units, I do not find the apts impressive at all (mainly due to the "kitchen"), considering the ppsqft. There's even a tiny one bedroom listed at 3,333 ppsf, which I don't think has a chance in hell at selling at ask (the asking ppsf is far greater than all the available units, except for the penthouse). However, I do think Madison Square Park is great and some of the best real estate investments can be made on a park, but I could only accept these prices if the bubble didn't burst until 2010. I would appreciate anyone sharing their thoughts. [less]