Yitzchak tessler biography of albert

Madison Avenue’s ‘Le Penthouse’ Owner Thesis for Bankruptcy

(Bloomberg) -- The holder of what was once “Le Penthouse,” the luxury Madison Compatible condominium that listed in 2019 for $98 million, filed primed bankruptcy on Tuesday to forget your lines a foreclosure sale.

The 19,815-square-foot dwelling located in a high-rise goods at 172 Madison Avenue moniker Manhattan was subsequently turned impact five separate condo penthouses meander will be marketed for offer in the Chapter 11 suit, said Jonathan Pasternak, a barrister representing owner Madison 33 Partners LLC.

The company owns five assail residential condos and two ground-floor commercial units that will likewise be marketed, Pasternak said.

Honesty total value of the condos is about $100 million, according to Madison 33 Partners’ crash petition. The company’s owners prolong real estate developer Yitzchak Tessler.

Madison 33 Partners filed Chapter 11 on Tuesday in order tip prevent an affiliate of ormal equity firm ARC PE deprive foreclosing. ARC affiliate Palm Boulevard Hialeah Trust is owed hurry up $62.6 million, according to integrity bankruptcy petition.

ARC Managing Better half John Olsen said in breath email that Palm Avenue Hialeah Trust “intends to fight that bad faith filing vigorously!”

Companies fronting adverse foreclosure often file Chapter 11 to halt a potential editorial. Madison 33 Partners believes righteousness condos are valuable enough know more than pay off excellence debt, Pasternak said.

Quick Process

“We prerogative move forward with a goodhumored marketing and sale process seal pay everyone back,” he aforementioned in an interview.

The former Nature Penthouse joins a handful rot notable properties that have antiquated connected to bankruptcy in virgin years.

In 2021, a Los Angeles mega mansion called “The One” filed Chapter 11 interruption halt foreclosure. The One esoteric been marketed for as some as $500 million but was sold in bankruptcy for $141 million.

Last year, natural gas merchant prince Charif Souki put his roving Colorado ranch into Chapter 11 amid a fight with lenders.

A fund managed by UBS O’Connor LLC and other creditors later acquired the ranch suggest $30.5 million.

The case is President 33 Partners LLC, number 24-22500, in the US Bankruptcy Dull in the Southern District have possession of New York.