NEW YORK CITY-A team of special asset services experts at Jones Lang LaSalle have been retained to collect alternative bids for reorganizing the owners’ debt on One Madison Park. The assignment is on behalf of One Madison Park, FKF Madison Group Owner LLC and affiliated debtors.

According to the Wall Street Journal, a Delaware bankruptcy court judge on Monday approved a settlement regarding the bulk of claims against the building. The Related Cos. and HFZ Capital will likely take ownership of the 50-story, 69-unit building, barring a successful alternative bid collected by JLL.

The competing bids are due no later than 5 p.m. on December 8, 2011, with an auction to be held for qualified bidders December 13, 2011. The highest bid will then be submitted to the US Bankruptcy Court for the District of Delaware.

The JLL team declined comment beyond prepared statements about the appointment. However, Capital Markets EVP Joshua Gleiber, who is leading the team, said that “properties of this quality rarely become available in the city” and that “this offering represents a singular opportunity for an investor to reorganize the Debtors’ and thereby recognize significant value through the sale of the remaining unsold condominium units.”