NEW YORK CITY-A partnership between Insignia Financial Group’s Co-Investment Group and Adam Hochfelder’s Max Capital, along with developer Yitzchak Tessler of Linjan Associates LLC, will redevelop two Flatiron district buildings formerly owned and currently leased by the United Federation of Teachers.

260 Park Avenue South and 48 E. 21st St. will share a connecting lobby when they are converted into an 86-unit, two-building luxury residential condominium complex. Construction will begin when the UFT vacates the premises in 2003. Insignia Douglas Elliman will handle the sales and marketing of the condominiums.

“Since having sold our investment late last year in Fresh Meadows Apartments, the 140-building residential housing complex in Queens, we have been anxious to add another New York project to our portfolio,” says Jeffrey Goldberg, executive vice president of Insignia’s Co-Investment Group. “We are delighted to have a foothold in New York again.”

According to Debra Botzenhart, managing director in the Group, “This redevelopment is consistent with our strategy to pursue equity investments by joint venturing with partners, where we can perform value-added services. We are looking forward to enhancing our relationship with Max Capital, as well as being able to generate additional revenues by using Insignia Douglas Elliman’s residential expertise to assist in designing a world class condominium development.”

“From our perspective, it’s a terrific advantage to have Insignia on board as co-investor and marketing agent,” says Anthony Westreich of Max Capital. “We expect this to be the first of many joint ventures together,”

260 Park Avenue South, located on the southwest corner of Park Avenue and 21st Street, is an 82,200-sf, eight-story property. The 12-story, 123,023-sf property at 48 East 21st St. abuts the Park Avenue building to the west.

The redevelopment team includes Linjan’ Tessler, Karl Fischer Architects, and RC Dolner Construction. Pre-construction initiatives are now under way and delivery of the project is scheduled for summer 2004. The completed one-, two- and three-bedroom condominium units will range in size from 900 to 3,000 sf with ceiling heights of 13 ft. and up

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.