The Real Deal New York

GFI to convert NoMad’s Carlton Hotel to James brand

Developer acquired Beaux Arts building last year for $162M

November 17, 2016 08:40AM

Carlton Hotel NYC

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

GFI Capital Resources Group is planning on branding the Carlton Hotel in NoMad the company bought for $162 million into a hip, 317-key James hotel.

GFI, owner of the Ace Hotel, plans to redo the lobby at the 12-story Beaux Arts building at 88 Madison Avenue between East 28th and East 29th streets and build a new 4,500-square-foot retail space, the Commercial Observer reported.

The asking rent for the space would like be around $200 per square foot. Retailers in the area include the Italian ceramics manufacturer Florim, the Sony Corporation and Ethan Allen.

This would be the second James hotel for the city. PGIM Real Estate owns the James New York at 27 Grand Street in Soho. Thor Equities is in contract to buy the 114-key hotel for $70 million, as The Real Deal originally reported in September.

GFI bought the Carlton last year for $162 million, financed with a $153.5 million loan from Apollo Commercial Real Estate Finance. Nightly rates at the property average $135 per room. [CO]Rich Bockmann

Correction: Due to an error in the source article, this post incorrectly stated GFI Capital Resources Group owns the NoMad Hotel. GFI sold its interest in the property.

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