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Insignia, Max Capital to Redevelop Former UFT Properties

NEW YORK CITY-The partnership will convert the 82,200-sf 260 Park Avenue South and 123,023-sf 48 E. 21st St., both formerly owned and currently leased by the United Federation of Teachers, into a luxury condominium complex joined by a connecting lobby.

By Glen Thompson | Updated on September 23, 2002

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.”

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