is on the left.|alt=One Madison, a tall, narrow black building with squarish projections is under construction. It stands to the right of the MetLife Tower, a similarly tall building with a pointed roof. , and the black
New York Merchandise Mart are in the foreground.|alt=A view of several New York City buildings from the air, looking north from above approximately 20th Street. Although much of the area nearby is included in various historic districtssuch as the
Ladies' Mile Historic District,
Gramercy Park Historic District, and
Madison Square North Historic Districtthe location of One Madison is not, enabling the building to be constructed "
as of right" with the transfer of
air rights from the shorter buildings that surround the site.
Construction When the building was originally announced, it was to be 47 stories and called
The Saya. The name was changed to
One Madison Park around the time that construction began in 2006 and then to
One Madison after it was taken over by the
Related Companies. The building as constructed has 60 stories. By April 2010, the building had topped out but was still not complete, having run into financial difficulties. Sales of residential units had stopped, but the appointment of a
receiver on April 15 allowed sales to start again. The building continued to be mired in financial and legal problems, including multiple
lawsuits and allegations of
fraud, and was forced into
bankruptcy by some of its
creditors in June 2010. At one point, a 22-story building designed by noted architect
Rem Koolhaas was to be the building's "companion" on
22nd Street, but later plans called for an 11-story building designed by
CetraRuddy, the firm that designed One Madison; although at the time construction began in January 2013, permits had reportedly been issued for a 6-story building, which will include the entrance lobby and two duplex apartments.
Post-completion By 2013, ownership of the building had passed to a
consortium of creditors, including the Related Companies, the
CIM Group, and
HFZ Capital Group, who completed construction and resumed sales that year. , seventy-five percent of the building's units had been sold. ==Architecture==