The Real Deal New York

GFI buys Carlton Hotel for $162M

Acquisition adds to firm's NoMad hotel holdings

October 14, 2015 12:00PM
By Rey Mashayekhi

Carlton Hotel NYC

The Carlton Hotel at 88 Madison Avenue in NoMad (inset: Allen Gross)

Allen Gross’ GFI Capital Resources Group acquired the Carlton Hotel in NoMad for $162.1 million, according to property records filed with the city Wednesday.

GFI bought the 12-story, 317-key hotel at 88 Madison Avenue from the Wolfson Group, a Financial District-based real estate investment firm led by the Wolfson family. The deal for the 111-year-old Beaux-Arts building, located between East 28th and East 29th streets, closed Sept. 30.

The Carlton Hotel acquisition adds to GFI’s sizable hotel holdings in NoMad, which include the 269-key Ace Hotel, at 20 West 29th Street, and the 168-key NoMad Hotel, at 1170 Broadway.

The firm’s plans for a new Ace Hotel in Downtown Brooklyn were dealt a blow last year, after a local community board rejected a proposed zoning variance for the site.

Representatives for GFI and the Wolfson Group could not be reached for comment.