The Real Deal New York

Thor refinances retail condo at Carlton House

Developer secures $175M mortgage from Morgan Stanley

August 12, 2014 06:00PM

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20140812_Sitt_Carlton

 Joseph Sitt and the Carlton House

Thor Equities has refinanced a block-long retail condominium at the Carlton House, which it purchased from Extell Development last year for $277 million.

Morgan Stanley has issued a $175 million first mortgage on the retail space at 680 Madison Avenue, the New York Observer reported. Thor previously took out a $115 million mortgage on the property, according to the website.

Extell Development paid $175 million for the entire Carlton House building prior to the sale, which ranked as one of the city’s most expensive retail condo transactions. Retail rents along the street have edged higher recently, occasionally exceeding $3,000 per square foot, according to the Observer. [NYO]Tom DiChristopher

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