The Real Deal New York

Revealed: A lower-floor “penthouse” at Tessler’s Madison Avenue condo

New plans feature set-back, lower-floor PH unit

August 03, 2015 09:12AM

From left: Rendering of 172 Madison Avenue (credit: Tessler Developments) and Efraim Tessler

From left: Rendering of 172 Madison Avenue (credit: Tessler Developments) and the “mansion” unit.

Tessler Developments will employ novel architectural stylings to help fit 172 Madison Avenue into its office-heavy surroundings in Midtown, new plans reveal.

The 32-story, 69-unit condominium on a corner lot at Madison Avenue and East 33rd Street, will have its first residential floor raised 40 feet above the street, rather than the usual 15 feet.

That floor will comprise of a lower-story “penthouse” unit that the developer has dubbed “the mansion,” featuring four bedrooms across 3,000 square feet of space, the New York Times reported.

The Karl Fischer-designed building, branded “One Seventy Two Madison,” will also house five true penthouses on the upper floors. Apartments are priced at an average of $2,000 per square foot, or $1.6 million for a one-bedroom. The mansion is $4,300 per square foot, or $13 million. According to developer Efraim Tessler, 30 percent of units have already been sold.

The new plans are only slightly modified from those released last year. Tessler bought the 110,000-square-foot site in 2013 for $55 million in a bankruptcy sale, paying off prior debts and fees to develop the building.

Tessler and Fischer have worked together before, on the 66 Leonard Street condo conversion in the late 1990s. [NYT] — Ariel Stulberg