172 Madison Ave

The entity owning unsold units at Tessler Developments’ 172 Madison Avenue, a Midtown South condo tower, filed for Chapter 11 bankruptcy. With assets of $100.6 million and liabilities of $66.5 million, the filing came on the day of a scheduled UCC auction. Arc Pe, the note holder, sought to foreclose on $62 million in debt. The high-rise includes 72 residential and two commercial units. Investors include Yitzchak Tessler (10%), Natalia Pirogova (40%), and others. David Goldwasser of FIA Capital Partners is the chief restructuring officer.