Breaking up is hard to do: Compass and Tessler split at 172 Madison
Brokerage said it resigned “at the request of our team”
New York /
From left: 172 Madison Avenue Yitzchak Tessler, Ori Alon and Robert Reffkin
Compass and Yitzchak Tessler severed ties at the developer’s $300 million condominium development in Midtown. The breakup comes roughly a year after the brokerage came on to breathe new life into the project.
Compass’ new development team walked away from the assignment at Tessler Development’s 33-story, 72-unit tower at 172 Madison Avenue, a Compass spokesperson told The Real Deal.
“At Compass, we put our people first. At the request of our team, we made the unusual decision to resign the project,” said a company spokesperson, who declined to comment further.
Tessler and his representatives did not respond to requests for comment, but sources told TRD the fission was a result of the developer’s expectations for pricing on the project and what the Compass brokers believed the market would deliver.
“I think there was a difference of opinion on the marketing,” said one source who is not involved in the project. “Compass probably wanted to reduce pricing to increase the velocity of sales, and Tessler said he’s not going to do it.”
This is not the first shakeup at the project.
A Compass team headed by Billy Goldstein, a managing director o[……]