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.
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