Units at Tessler’s 172 Madison aren’t going for sticker price

June 23, 2017 08:37AM

172 Madison Avenue and Yitzchak Tessler

Condominiums at Tessler Developments’ TRData LogoTINY 172 Madison Avenue are selling at a discount amid a softening luxury apartment market.

The 11 closed sales recorded on StreetEasy to-date show a final price that’s on average 9.2 percent below most recent asking price, the Wall Street Journal reported. A three-bedroom unit that went into contract last month traded for 11 percent below ask.

Unlike other new developments on the market, 172 Madison is already opened, and developer Yitzchak Tessler argued that this gives the building an edge. “The ability to offer new-construction buyers a move-in-ready product is certainly something to get excited about,” he told the Journal.

Compass took over sales at the building in March. At the time, the 72-unit, 33-story tower at the corner of East 33rd Street was about 60 percent sold, although most of those sales don’t show up on StreetEasy yet. Listing prices average $2,200 per square foot.

In March, Tessler landed a $164 million condo inventory loan for unsold units at the tower. [WSJ]Konrad Putzier

(To view more of Tessler Developments’ projects, click here)