The Real Deal New York

Yitzchak Tessler plans 31-story building at 172 Madison

January 21, 2014 05:45PM

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