Tessler Development scores $95M to refi
172 Madison Avenue

Loan replaces previous $164M financing

TRD New York /
Sep.September 05, 2018 02:15 PM

172 Madison Avenue

Tessler Development has landed $94.5 million to refinance a residential condominium building in Midtown South.

Deutsche Bank provided the loan to refinance 172 Madison Avenue, Commercial Observer reported. The financing is partially a condo inventory loan. It also replaces previous debt, including a $164.3 million inventory loan from private equity firm TPG and Deutsche Bank.

In March, the Corcoran Group took over marketing the 72-unit building after Compass resigned from the project. At the time, the developer had 32 units left to sell, including four penthouses and a townhouse unit. Before Compass, Keller Williams marketed the building.

According to StreetEasy, just over a dozen units are currently listed, including a penthouse for $14 million. [CO] — Kathryn Brenzel


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Gov. Andrew Cuomo has given the go-ahead to reopen schools for in-person learning statewide (Getty; iStock)

School’s back on. Will the NYC resi market follow suit?

School’s back on. Will the NYC resi market follow suit?
New York’s real estate market is becoming two different stories: Manhattan, where deals are falling — and the suburbs, where demand is spiking. (iStock, Unsplash)

Manhattan is cold, the suburbs and Brooklyn are hot: Here’s what the resi market looked like in July

Manhattan is cold, the suburbs and Brooklyn are hot: Here’s what the resi market looked like in July
Home sale price declines are expected for July, after a recent bump, according to a CoreLogic report. (iStock)

Home sale prices got a bump, but a drop is coming: Report

Home sale prices got a bump, but a drop is coming: Report
(Images courtesy of Victor Group)

The Getty condo chops prices up to 53%

The Getty condo chops prices up to 53%
From left: Trinity Investments CEO Sean Hehir and Benchmark Real Estate Group principals Aaron Feldman and Jordan Vogel (iStock, LinkedIn, Trinity Investments)

“Blank-check” companies make a comeback in real estate

“Blank-check” companies make a comeback in real estate
442 Union Street and 257 Berry Street (Google Maps)

Brooklyn’s luxury market reaches new pandemic high

Brooklyn’s luxury market reaches new pandemic high
arrow_forward_ios

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

Loading...