Penthouse at Tessler’s 172 Madison Avenue asks $98M

5-story aerie is priced under $5K psf

New York /
Jun.June 11, 2019 05:34 PM
172 Madison Avenue with Keller Williams NYC's Efraim Tessler and developer Yitzchak Tessler

172 Madison Avenue with Keller Williams NYC’s Efraim Tessler and developer Yitzchak Tessler

For $98 million, Tessler Development is offering one lucky condo buyer “nearly anything that money can buy and the mind can imagine.” In other words, the top penthouse at 172 Madison Avenue.

Dubbed “Le Penthouse,” the 19,815-square-foot residence hit the market Tuesday. Spread over five floors, it is one of the city’s largest residences with 26 rooms, including 11 bedrooms and 14 bathrooms. The unit also has 4,500 square feet of outdoor space, outfitted with a pool and jacuzzi.

“If this is how you love to live, this is your call to action,” reads the listing. “You will love to create this one of a kind white box into a home.” The unit is being sold by Keller Williams NYC’s Efraim Tessler — son of developer Yitzchak Tessler — and colleague Raphael Sitruk. The asking price works out to around $4,945.75 per foot.

The unit is being delivered as a “white box,” Sitruk said.

Contrary to reports that luxury real estate is dead, he said, “the ultra-luxury market always has wealthy buyers ready to buy a dream.” He cited Amazon CEO Jeff Bezos’ recent deal to buy three units at 212 Fifth Avenue for $80 million. “We have a much bigger apartment and bigger outdoor space,” he said.

The Karl Fischer-designed building has 72 units. It first hit the market in 2015, with Efraim Tessler leading sales.

The developer later brought Compass on board to sell the project. After Compass walked away from the project in 2018, Tessler tapped the Corcoran Group’s Carrie Chiang and Janet Wang to lead sales. At the time, the developer had 32 units out of 72 left to sell, including four penthouses and a townhouse priced between $13 million and $15 million.

Sitruk said he and Efraim Tessler took over sales at 172 Madison in April. In addition to the top penthouse, current listings include a two-bedroom asking $2.5 million and Penthouse B, which is priced at $14 million, according to StreetEasy.

The developer is projecting a total sellout of $320.6 million, according to the Attorney General’s office. In 2017, Tessler closed a $164.3 million condo inventory loan from private equity firm TPG and Deutsche Bank. Last year, Tessler refinanced its debt with a $94.5 million loan from Deutsche Bank.

 

Related Articles

arrow_forward_ios
Here are the week’s top luxury sales
Here are the week’s top luxury sales
Here are the week’s top luxury sales
Clockwise from left: John D. Rockefeller, Izzy Englander, Steven Mnuchin, David Koch, Jacqueline Bouvier, and William Zeckendorf (Credit: Getty Images and StreetEasy)
For 15 years, David Koch lived at the world’s “richest building”
For 15 years, David Koch lived at the world’s “richest building”
Here are the week’s top luxury sales
Here are the week’s top luxury sales
Here are the week’s top luxury sales
The home of late Broadway theater producer James M. Nederlander was first listed in 2019. (Getty, Platinum Luxury Auctions)
Full-floor condo that belonged to Broadway titan heads to auction
Full-floor condo that belonged to Broadway titan heads to auction
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
109 East 79th Street and 1010 Park Avenue (Google Maps)
Upper East Side trophy property tops luxury deals — again
Upper East Side trophy property tops luxury deals — again
Condo sales over $5 million surged in Manhattan in the final quarter of 2020 (iStock)
Manhattan’s condos get year-end sales boost as inventory balloons
Manhattan’s condos get year-end sales boost as inventory balloons
20 East End Avenue and 292 West 4th Street (Google Maps)
Manhattan’s luxury market has best post-Christmas week since 2006
Manhattan’s luxury market has best post-Christmas week since 2006
arrow_forward_ios

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

Loading...