Now just $76 million: “Le Penthouse” gets le price cut

Expansive abode marked down 22 percent — the fourth recent reduction at 172 Madison

TRD NEW YORK /
Feb.February 21, 2020 01:42 PM
From left: Keller Williams NYC’s Efraim Tessler and Raphael Sitruk, Yitzchak Tessler and 172 Madison Avenue (Credit: 172 Avenue, NCM USA)

From left: Keller Williams NYC’s Efraim Tessler and Raphael Sitruk, Yitzchak Tessler and 172 Madison Avenue (Credit: 172 Avenue, NCM USA)

A luxe penthouse on Madison Avenue just hit the discount rack.

The unit at Tessler Development’s 172 Madison, dubbed “Le Penthouse” and listed last year for $98 million, is now available for the paltry sum of $76 million.

The 14-bathroom penthouse is being marketed by Keller Williams NYC’s Raphael Sitruk and Efraim Tessler — son of developer Yitzchak Tessler. The new asking price works out to around $3,835 per foot.

“Nearly anything that money can buy and the mind can imagine is possible,” the listing reads. The building also has a pet spa and a steam room — where the listing suggests “divining your enjoyment for the rest of the day.”

“We want to show potential buyers we know what we’re doing,” Sitruk said of the 22 percent price drop, noting that several people have expressed interest in the property despite a sluggish luxury market. “Last week we signed three contracts.This is an amazing value and we’re ready to sell.”

The 19,815-square-foot dwelling has five floors and 11 bedrooms to complement its worth-repeating 14 bathrooms. The listing shows an expansive great room with a baby grand piano and a marble dining room table dwarfed by 23-foot ceilings and massive windows. Each of the five floors include an outdoor terrace, topped by a private roof deck with a pool and a jacuzzi.

Sitruk and Efraim Tessler took over sales at 172 Madison last April after Compass walked away from the project. In addition to the top penthouse, listings include a four-bedroom asking $11 million and unit 25A for $4.9 million, according to StreetEasy. The four most expensive units in the project have all had significant price chops in the last month, the online listing service shows.

The developer got a $164.3 million condo inventory loan from private equity firm TPG and Deutsche Bank in 2017 and refinanced its debt with a $94.5 million loan from Deutsche Bank in 2019. The Tessler Development condo had an expected sellout of $320.6 million, according to the attorney general’s office.


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