The Real Deal New York

Yitzchak Tessler plans 31-story building at 172 Madison

January 21, 2014 05:45PM

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Yitzchak Tessler and 172 Madison Avenue

Developer Yitzchak Tessler is teaming up with Manhattan-based NMP Group to build 31-story apartment complex on a vacant site at 172 Madison Avenue, according to a plan exam application filed late last week.

Plans call for a 129,442-square-foot property near East 33rd Street to house 67 units – either rentals or condominiums. There will also be ground-floor retail, a gym, and a pool.

Karl Fischer is serving as the architect of record on the project.

Tessler, head of Tessler Development, helped pull the parcel out of foreclosure in September, when he agreed to pay off debt and fees owed to CIM Group, then partner with NMP in a deal worth at least $55 million to develop the site. NMP had picked up the site in 2007, as previously reported. [BuzzBuzzHome]Mark Maurer

  • Rafe Ortiz

    Tessler is notorious for never paying anyone. Take a look at the architects, contractors, and other professionals that he uses. The same team never moves from one project to the next. There is a reason for this. Beware!

  • Tom Banjo

    Anyone who works for this scumbag will get ripped off. Tessler and Chetrit are notorious deadbeats. When he got paid off by Lehman (30 million) he did not use one dollar of that money to pay his subcontractors, they all have worthless liens on his property. After pocketing this money plus the money he owed his subs he was in the news receiving an award for his generous contributions to some Israeli charity. Save yourself the headaches, don’t work for him, just give the money to charity yourself.

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