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70 Condos Will Actually Rise on Stalled Madison Avenue Site

Unlike the sun, hope shines a little brighter today for the long-stalled corner lot on Madison Avenue and 33rd Street. The Real Deal reports that developer Yitzchak Tessler has nailed down a $141 million loan—give or take—for a planned condo building there, which amounts to about 85 percent of what the project would cost. Progress! Especially considering that 172-176 Madison Avenue was in foreclosure a scant four years ago. And now Hot Karl is gonna to build something pretty something.

The developer told TRD more details about the tower-to-be: it'll be at least 40 stories high (though a disapproved permit calls for 31 floors) with 70 condos that are a mix of one-, two-, three- and four-bedrooms. Six penthouses are planned, each about 4,000 square feet with 18-foot high ceilings and 360-degree views. Proposed amenities include a pool, gym, recreation room, bicycle room, storage, and a pet-washing room.

What stop-work order? Tessler reports that construction will start as early as June, and take about two years. Still waiting on a classic Hot Karl rendering, though. Pretty please?
· Tessler lines up $140M financing for NoMad condo project [TRD]
· Hot Karl To Revive Stalled Madison Site With 67 Apartments [Curbed]
· All 172 Madison coverage [Curbed]