NEW YORK CITY-Investor Yitzchak Tessler hashelped stave off foreclosure on a prime parcel of land on MadisonAvenue here.

Tessler, working in partnership with property owner NMPGroup, will pay off the debt on the property owed toLos-Angeles-based CIM Group, in a deal valued atmore than $55 million, according to Crain's New York Business.Tessler and NMP Group will partner to develop what will likely be a130,000 square-foot condo project at the site, according toJohn Stewart, an attorney for NMP Group.

"There is $55 million owed on the loan and interest due, butthis site is worth $70 million or more so clearly it was worth theeffort by NMP to work out a deal to hold onto it," Stewart says."They invested a lot into it and unfortunately were set back by badtiming during the recession." See story in Crain's New York Business.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.