Carlton Closes Park High Line Office Development Transaction
September 6, 2017
Carlton Group Chairman Howard L. Michaels has announced that Managing Director Steve Fenster and Partner Michael J. Campbell have arranged the funds for the closing of the acquisition of a premier development site located across from the High Line in the West Chelsea area of Manhattan.
Carlton was the exclusive advisor to the buyer, a highly successful New York developer, and represented them in the off-market acquisition of this 65,000 sf development site by sourcing balance sheet capital from a prominent Manhattan alternative asset management firm. This was a very complicated transaction which involved the negotiation and financing of a long-term ground lease. The client intends to build an office and retail tower which has the potential to be valued in excess of $150 million upon completion.
We encourage you to contact us to meet and discuss how our “off the radar” domestic and international equity and debt relationships and the cutting edge structuring techniques we employ will provide you with the best possible capital stack.
About The Carlton Group
Founded in 1991, The Carlton Group is an international real estate investment banking firm that specializes in arranging equity partnerships and executing large, complex, often multi-tranche equity and debt transactions for large development and trophy assets.
The firm has offices throughout the United States and Europe and has consummated well in excess of $125 billion of closed transactions for its high-profile roster of clients. The Carlton Group also executes an aggressive international advisory platform which is currently executing well over three billion dollars of equity, debt and investment sale advisory business throughout Europe. Carlton’s expertise includes arranging passive promotable equity, typically raising 90-95% of the equity to facilitate client transactions. Carlton is also an active principal investor and, under Carlton Strategic Ventures, owns and manages in excess of 3 million square feet of commercial, residential and retail property, inclusive of two recent dispositions.