Yitzchak Tessler faces challenges with his upscale condo project at 172 Madison Avenue as the pending bankruptcy of Madison 33 Owner highlights ongoing financial disputes with creditor ArcPe over significant debts.
ArcPe's managing partner David Gordon strongly affirms the company’s stance on the unpaid mortgage, insisting that the principal balance and owes by Tessler are accurate and legitimate.
In a rare public remark, Tessler rebuffed ArcPe's efforts, declaring, 'They can go fuck themselves,' showcasing the turbulent atmosphere surrounding these bankruptcy proceedings.
The bankruptcy filing aims to preserve management control over unsold luxury units amid escalating tensions with creditors, emphasizing the complexities in high-stakes real estate financing.
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