The Real Deal New York

Compass takes over sales at Tessler’s 172 Madison Avenue from Keller Williams

Developer's son formerly repped the property at KWNYC
By Katherine Clarke | March 06, 2017 08:30AM

172 Madison Avenue (inset from top: Billy Goldstein and Efraim Tessler)

Compass is taking over sales at Tessler Development’s 172 Madison Avenue, a 72-unit condominium project rising at the corner of East 33rd Street.

The company is tasked with getting the project over the finish line after what looks to have been a slow 2016. The building is about 60 percent sold after about two years on the market, up from 50 percent sold as of January 2016, according to Billy Goldstein, Compass’ managing director of new development. 

“In order to go from 60 to 100 percent, they needed a fresh perspective and a renewed energy and national reach,” Goldstein said. Kelly Robinson will work on the project for Compass, he added.

Keller Williams NYC previously handled sales at the development. Efraim Tessler, son of Tessler boss Yitzchak Tessler, works at the brokerage and may remain on the project in some capacity, Goldstein said. Efraim Tessler was not immediately available for comment.

Landing the exclusive is an important win for Compass, which has struggled to gain traction in the new development space. It recently lost the condo formerly known as the Luminaire, at 385 First Avenue, to Corcoran Sunshine.

The Karl Fischer-designed property at 172 Madison is almost 100 percent complete. Compass plans to release some of its priciest residences, including a three-story “Skyhouse” residence featuring a 5,500-square-foot interior with 3,000 square foot of exterior space, a private roof deck, a swimming pool and a glass-walled jacuzzi. Goldstein noted the offering plan shows it will be asking around $32 million.

Current listings are averaging about $2,200 per square foot, according to StreetEasy.