Posted Jan 21, 2014, 8:36 PM
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Homo sapiens sapiens
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Join Date: May 2012
Location: 3rd planet from the Sun
Posts: 1,666
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Vacant 172 Madison Avenue site will get 31-story building, after all
By: Joyce Chen January 21, 2014
Image: GMAP
Quote:
Permits have come ashore for 172 Madison Avenue, which real estate investor Yitzchak Tessler rescued from foreclosure.
Tessler is partnering with the parcel landowner, NMP Group, to develop a 31-story, 67-unit building at the vacant site on the corner of East 33rd Street.
The architect of record is Karl Fischer, according to the plan exam application filed January 17th. The 129,442-square-foot building will have ground-floor retail, bike storage and a fitness room with pool, saunas and changing room. The 30th and 31st floors will be occupied by a duplex.
NMP Group acquired the site and several neighboring parcels in 2007, with plans to build a residential and hotel development. After the firm defaulted on its loan, Los Angeles-based CIM Group purchased the $29 million mortgage and initiated foreclosure proceedings, according to The Real Deal. In 2013, Tessler paid off the debt and fees owed to CIM in a transaction worth at least $55 million, Crain’s reported.
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Permit:
Occupancy Classification: R-2 - RESIDENTIAL: APARTMENT HOUSES
Building Height (ft.): 394
Building Stories: 31
Dwelling Units: 67
NEW YORK | 172 Madison Ave | 394 FT | 31 FLOORS
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