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.