Yitzchak Tessler loses the rest of 172 Madison
The end has arrived for Yitzchak Tessler at 172 Madison Avenue. A federal court judge confirmed a reorganization plan of the developer’s entity that controls the nearly decade-old condo project that will result in Tessler turning over the 10 remaining unsold residential and two commercial units at the 72-unit building to distressed debt investor ArcPe. Tessler had entered the entity into bankruptcy one year ago to stave off ArcPe’s foreclosure efforts. ArcPe had bought the construction loan on the building from Deutsche Bank for roughly $60 million in Jan. 2024. It wasn’t supposed to go down like this. ArcPe and […]
This article originally appeared on The Real Deal. Click here to read the full story.
Categories
Recent Posts
Hill House Home X Nestig Redefine Children’s Furniture With
A Whimsical, Sustainable Mini Chair Collection
Billionaire William Heinecke’s Minor International Aims To
Raise $1.5 Billion By Listing Hotel REIT In Singapore In
2026
Build-To-Rent Housing Leverages Demographics, Builds
Momentum
Smart Renovations That Boost Your Home’s Value And The Ones
That Don’t
Playing The Long Game: How To Manage Real Estate
Cycles
Billionaire Kwek Leng Beng’s CDL Sells 84% Of Residential
Towers Amid Singapore Property Boom
Think You Know Real Estate Seasonality In Manhattan And
Brooklyn? Think Again.
One In Five Homebuyers Willing To Pay $10K More For This
Feature
End Of Year Trend Report: The 5 Senses Redefine What “Home”
Feels Like
Why It’s An Exciting, Uncertain Time In Home
Improvement
