The Real Deal New York

Posts Tagged ‘tessler developments’

  • 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. [more]

  • Broker Efraim Tessler on top left, late architect Charles Gwathmey on bottom right, and exterior and interior renderings of 323 Park Ave. South

    A new 10-story, 18-unit condominium at Park Avenue South launched sales today, Keller Williams NYC, who’s exclusively selling and marketing the building, announced today.

    The Tessler Developments-developed building has 16 1,350-square-foot half-floor residences on eight floors, one full-floor 3,100-square-foot penthouse on top, and a 2,643-square foot commercial space on the ground floor, which Tessler hopes to fill with retail space. Prices for the residences range from $1.8 million to $2.3 million. The sales office is located off-site — two doors down from the condo. Keller Williams broker Efraim Tessler, formerly of Prudential Douglas Elliman, is the building’s exclusive broker. [more]

  • Witkoff closes on 1107 Broadway for $191M

    September 28, 2011 02:10PM

    From left: Steve Witkoff, founder of the Witkoff Group, 1107 Broadway, Yitzhak Tessler of Tessler Developments and Eastdil Secured’s Adam Spies and Douglas Harmon

    Steve Witkoff’s Witkoff Group has completed its purchase of part of the former International Toy Center building from Lehman Brothers Holdings for $191 million, Lehman announced yesterday, following a bankruptcy auction by Eastdil Secured in June. Witkoff is planning a $290 million condominium conversion of the property, at 1107 Broadway, featuring 145 units, in collaboration with a Morgan Stanley real estate fund.

    Eastdil Secured brokers Adam Spies and Doug Harmon represented the seller in the deal, and brought the buyer and seller together.

    The closing of the 16-story office building follows the sale of 200 Fifth Avenue earlier this month, which was previously the main Toy Center building, for $726 million. … [more]

  • Manhattan-based Tessler Developments has come to a tentative agreement with Jersey City officials to construct a proton therapy center, along with commercial space and about 1,000 market-rate apartments, on a roughly 2.5-acre parcel near Jersey City Medical Center, the New Jersey Turnpike and a light-rail station, the Wall Street Journal reported. If plans go ahead, construction could start in 2013.

    Tessler would pay $15 million for the land, according to the terms of the deal.
    The prospective project is just the latest in a large-scale effort to bring proton therapy, a method for tackling brain tumors and lung, pediatric and prostate cancers, to the New York City area. Other proton therapy center plans are moving forward in association with Memorial Sloan-Kettering Cancer Center and the NYU Langone Medical Center.  … [more]

  • Q & A with developer Yitzhak Tessler

    September 07, 2011 01:52PM

    Yitzhak Tessler and 1107 Broadway

    Yitzhak Tessler, the 62-year-old CEO and president of Tessler Developments, spoke with The Real Deal in his first face-to-face interview since he started building in New York more than a decade ago.

    The builder of projects such as 240 Park Avenue South decided to speak up, he said, to challenge the reporting surrounding 1107 Broadway, his failed condominium conversion of one of the International Toy Center buildings that became mired in the economic downturn and the Lehman Brothers Holdings bankruptcy. He was frustrated with the assertion that he defaulted on the Lehman Brothers loan, saying the story was more complicated. In the end, each side claimed the other owed it money.

    In addition, Tessler answered questions about the Chetrit brothers, with whom he frequently partnered on deals, and his future development plans in Manhattan. … [more]

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    From left: Durst Fetner CEO Harold Fetner, developer Baruch Singer and 855 Sixth Avenue

    A state court judge handed a victory to Durst Fetner Residential this week,
    removing a nagging legal speed bump the developer was facing at its large
    Herald Square site.

    The legal cloud has hovered over the property at 855 Sixth Avenue since 2006,
    when two real estate investors sued a group of developers led by Baruch Singer over a failed partnership bid to acquire a portion of the site.

    Durst Fetner became involved in the dispute after it bought the defaulted note for about $104 million from iStar Financial and took title in December 2010 from owners Tessler Developments and the Chetrit Group.

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    Developers such as Lloyd Goldman, the Chetrit family and commercial broker Robert Knakal have recently opened their wallets as the citywide race for comptroller heats up, according to the most recent campaign finance documents filed last week. Brooklyn City Council member David Yassky took in the largest amount of contributions from real estate interests among the four major candidates for city comptroller, an analysis of the most recent reports from the city’s Campaign Finance Board, covering July 12 to August 10, by The Real Deal shows. But Yassky remains far behind Queens Council members Melinda Katz and John Liu in overall contributions, and is about tied with David Weprin, another Queens Council member. … [more]