The Makefile in the TypeScript source is in NMAKE format and has dependencies on Windows commands. NMAKE ships with Visual Studio and is on the way when running the Visual Studio command line.
To build you need both nmake and nodejs in your path. Then just run:
nmake TYPESCRIPT_HOST=node world
from the directory containing your TypeScript source. Created .js files will be placed in built\local
Edit: Added missing arg parameter TYPESCRIPT_HOST
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