HFZ Group principal Ziel Feldman's presentation of a final rescue plan at One Madison Park is expected within a week, after he emerged as the leading bidder in a bankruptcy auction earlier this month, according to an article today at therealdeal.com by David Jones.

Sources say the court approved another extension by the debtors, which would move the official disclosure of the plan to mid-May at the earliest, and possibly into June, the article said.

"Feldman, who has been working for months behind the scenes to help move the project through bankruptcy, submitted a winning bid that would pay about $165 million to get the project out of bankruptcy court and would need at least $40 million to complete construction of the luxury tower, located at 23 East 22nd Street in the Flatiron area, according to sources familiar with the discussions, the article said.

"Lawyers representing various parties in the case," the article said, "are awaiting formal submission of the plan, which would have to satisfy both the interests of the secured lenders that hold debt secured by the condominium and unsecured creditors that are owed millions in unpaid loans, contracts and other expenses. 'A judge has to decide whether the proposed plan is feasible,' said one legal source who asked not to be identified."

Earlier this month, HFZ and Israel's Acro Group reached a deal to buy the debt at the Setai condo at 40 Broad Street for $80 million. "It is not clear who Feldman's financial backers are on the One Madison Park plan, but sources say that HFZ is working with additional investors on it. Feldman beat out several major players at One Madison including Ian Bruce Eichner, chairman of Continuum Company, and Atlanta-based Invesco," the article said.

Mr. Eichner said that he felt the market could not support the prices being discussed to get a complex real estate deal out of bankruptcy, then completed and sold, the article said, adding that "Ben Thypin, senior market analyst at Real Capital Analytics, said the proposed plan would require the new investors to sell condo units at well above $2,000 a square foot to be profitable, and closer to $3,000 for some units, which would be difficult in the current market."

"Eichner, the article continued, "once had high hopes of coming in with his own plan to rescue the property from bankruptcy court, but Shapiro was sued by investor Cevdet Caner who alleged that Shapiro was making unilateral decisions without the approval of his financial backers. Caner obtained the voting rights of Shapiro's partner Marc Jacobs, and then got a court to force Shapiro to get unanimous backing for any agreements he entered into."

The article said that "sources say the winning bidder would not only have to work out an agreement with secured and unsecured creditors, but would have to complete a new lobby that would give residents access on 22nd Street. Currently about 12 units in the 69-unit building are occupied and residents have to enter the property through a temporary entrance on 23rd Street that is designated as a commercial space."