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

New York /
Jun.June 23, 2017 08:37 AM

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)


Related Articles

arrow_forward_ios
Corcoran to sublet 50K sf in IBM Building

Corcoran to sublet 50K sf in IBM Building

Corcoran to sublet 50K sf in IBM Building
Quarters CEO Rui Barros (Linkedin)

Quarters, the “WeWork of co-living,” files for bankruptcy

Quarters, the “WeWork of co-living,” files for bankruptcy
Joan Collins and 110 East 57th Street #8EFG (Getty, BHS)

Soap star Joan Collins lists longtime Midtown pied-à-terre

Soap star Joan Collins lists longtime Midtown pied-à-terre
Tommy Hilfiger and his recently sold estate in Greenwich, CT. (Getty, Janet Milligan)

Tommy Hilfiger’s Greenwich estate sells for $45M

Tommy Hilfiger’s Greenwich estate sells for $45M
Jenna Ryan was part of a group who flew on a private plane from Denton, TX, to Washington, D.C., with the intention of joining the protestors (Twitter.com/DotJenna)

Texas Realtor faces criminal charges for role in Capitol attack

Texas Realtor faces criminal charges for role in Capitol attack
Porch CEO Matt Ehrlichman (iStock)

Porch snaps up four startups for over $122M

Porch snaps up four startups for over $122M
Nir Meir Asks Court to Stop Eviction (Google Maps)

Nir Meir seeks to throw out Hamptons ejection suit

Nir Meir seeks to throw out Hamptons ejection suit
Robert Frank with 1021 Park Avenue and Ben Lambert with 28 Laight Street (Getty, Google Maps)

Who’s buying and selling Manhattan homes? Last month’s notable deals

Who’s buying and selling Manhattan homes? Last month’s notable deals
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...