Global Asset Properties pays $10.1M for retail in Midtown South

Global Asset Properties through the entity 172 Madison Enterprises LLC paid $10.1 million through a bankruptcy for two retail condos at 172 Madison Avenue in Midtown South, Manhattan. The expected use is cash flowing. The former owner was Tessler Developments which turned over the properties in the bankruptcy.
The deal closed on March 10, 2026 and was recorded on March 18, 2026. The two properties have 6,400 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,581 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Tessler Developments was David Goldwasser . The signatory for Global Asset Properties which also use the name Global Asset Management, was Albert Rabizadeh .

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Global Asset Properties purchased eight properties in four transactions for a total of $43.2 million and sold three properties in three transactions for a total of $36.4 million over the past 24 months.
The seller Tessler Developments had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail condo in Park Avenue South has 6,400 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 3,597 square feet. The city-designated market value for the property in 2022 is $1.9 million.

Violations and lawsuits

The properties were involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $44 million commercial foreclosure concerning a loan filed on August 22, 2024, by Arc Re against Tessler Developments and Yitzchak Tessler. In addition, according to city public data, the properties have not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot. On the tax lot, the most recent condominium plan was filed by MADISON 33 OWNER LLC to create 69 residential units and 2 commercial units in a building at 172 Madison Avenue in Park Avenue South, Manhattan, called 172 Madison Avenue Condominium that has a $307.2 million sellout, according to an November 12, 2014 submission to the New York State Attorney General. The principal of the sponsor, MADISON 33 OWNER LLC, was Yitzchak Tessler.

The neighborhood

In Park Avenue South, The majority, or 67 percent of the 9 million square feet of commercial built space are office buildings, with elevator buildings next occupying 16 percent of the space. In sales, Park Avenue South has 1.7 times the average sales volume among other neighborhoods with $567.4 million in sales volume in the last two years and is the 19th highest in Manhattan. For development, Park Avenue South has had very little major development activity relative to other neighborhoods.It had 1.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 13 percent of the neighborhood’s built space.

The block

On the tax block of 172 Madison Avenue, PincusCo has identified the owners of 11 of the 22 commercial properties representing 1,269,053 square feet of the 1,949,099 square feet. The largest owner is Prudential Financial, followed by Feil Organization and then Apf Properties.
On the tax block, there were two new building construction projects totaling 134,461 square feet. The largest is a 95-unit, 67,458 square-foot residential (R-2) building submitted by Slate Property Group and filed by David Schwartz with plans filed March 27, 2026 and it has not been permitted yet. The second largest is a 82-unit, 67,003 square-foot residential (R-2) building submitted by Pi Capital Partners and filed by James Pi with plans filed July 26, 2019 and it has not been permitted yet.

The majority, or 74 percent of the 1.9 million square feet of built space are office buildings, with elevator buildings next occupying 18 percent of the space.

The seller

The PincusCo database currently indicates that Tessler Developments owned at least one commercial property in New York City with 81,172 square feet and a city-determined market value of $14.4 million. (Market value is typically about 50% of actual value.) The portfolio has $99.7 million in debt, borrowed from G4 Capital Partners and Signature Bank. The portfolio consists of at least a single office property. It is located in Brooklyn.

The buyer

The PincusCo database currently indicates that Global Asset Properties owned at least three commercial properties in New York City with 23,339 square feet and a city-determined market value of $11.1 million. (Market value is typically about 50% of actual value.) The portfolio has $40.9 million in debt, with top three lenders as Citibank, Columbia Capital, and China Institute in America respectively. Within the portfolio, the bulk, or 100 percent of the 23,339 square feet of built space are retail properties, with industrial properties next occupying 0 percent of the space. They are all located in Bronx.

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