The investment-banking giant Eastdil Secured and the financial brokerage firm Meridian Capital Group were the two most active intermediaries in the origination of loans of $100 million or more in New York City last year, an exclusive analysis by The Real Deal found. [more]
Posts Tagged ‘carlton group’
From the March issue: Midtown-based real estate investment banking firm the Carlton Group tapped Kevin Swill, the former president of a financing arm of the Kushner Companies, to serve as its first chief operating officer.
Swill will oversee the day-to-day operations of the company, and will be in charge of expanding the equity syndication and investment sales operations. [more]
Midtown-based real estate investment banking firm the Carlton Group tapped Kevin Swill, the former president of a financing arm of the Kushner Companies, to serve as the first COO.
Swill will be in charge of expanding the equity syndication and investment sales operations. He was president of Westminster Capital Associates, an arm of Kushner Companies, where he helped with acquiring and recapitalizing roughly 13,000 units. He has also worked at Deutsche Bank, Citibank and Merrill Lynch. [more]
Special servicer CW Capital has filed suit to foreclose on a 356,000-square-foot pre-war office tower at 315 Park Avenue South owned by BCN Development’s Craig Nassi, according to Supreme Court records filed late last week.
Nassi, who bought the building for $265 million in 2007, is delinquent on a securitized loan of more than $200 million, according to the complaint, filed by attorney Edward Smith and Rishi Kapoor of the law firm Venable. His company was originally issued the loan in June 2007 by UBS Real Estate Securities but the debt has since been reassigned several times, first to LaSalle Bank National Association, later to Bank of America once it merged with LaSalle and finally to U.S. Bank National Association in February 2012. The Venable attorneys were not immediately available for comment. [more]
Howard Michaels, chairman and CEO of international real estate investment banking firm the Carlton Group, has sold his 5,210-square-foot, seven-bedroom spread at the Lucida for $10.45 million, according to public records filed with the city this week. Michaels, who previously told The Real Deal that he splits his time Manhattan and Old Westbury with his wife, longtime Chuck Schumer fundraiser Jennifer Bayer Michaels, bought the apartment in 2010 for $9.37 million, records show. [more]
Howard Michaels‘ Carlton Group has reached the number one spot among New York City office investment sales brokerages for the first time thanks to demand for recapitalizations, the New York Post reported.
Carlton ranked number six nationally for the first half of the year based on $1.1 billion in total volume of debt and equity financings. Eastdil Secured came in at number one with over $4 billion.
Carlton’s New York figures are due to three local recaps valued at $1.1 billion — at 1 Park Avenue, 1180 Sixth Avenue and 450 West 33rd Street, according to the Post.
“Typically, recaps haven’t been recognized as investment sales, but they’re the exact same art,” Michaels said. With $850 billion in commercial mortgages due to mature by the end of the year, according to CoStar Group, Michaels anticipates even more demand for recaps, “due to the widening out of spreads in the CMBS market, which is lowering loan levels, and the sluggish economy.” … [more]
Developer Harry Macklowe closed this afternoon on the $70 million acquisition of a 34-unit rental apartment building at 150 East 72nd Street that his Macklowe
Properties expects to convert to condominiums.
Macklowe financed the Lenox Hill purchase and anticipated rehabilitation of the
72,000-square-foot, pre-war building through a total of $120 million in equity
and debt, according to a statement from Macklowe’s exclusive advisor on the
transaction, Howard Michaels, chairman of investment banking firm Carlton
Manhattan-based real estate investment bank the Carlton Group is expanding into Europe in an effort to become a bigger player overseas, according to Crain’s. The expansion has already begun with the firm opening a London office in April. Howard Michaels, chairman and chief executive, says Russia will be next, potentially opening by the end of 2011. Michaels is attempting to cash in on changed attitudes amongst foreign investors. “Everyone always said overseas investors have an increased appetite in Manhattan. Today that has never been more true,” he said. … [more]
The prewar office tower at 315 Park Avenue South is up for grabs with owner Craig Nassi seeking either a buyer or a joint venture partner to recapitalize the property for roughly $350 million. According to the Post, Nassi, of BCN Development, has tapped the Carlton Group to market the building, which has a Staples store in the retail portion and is also home to Credit Suisse, at around $1,000 per square foot…. [more]
A deal to save Murray Hill Properties’ tower at 1180 Sixth Avenue has been completed.
The property, between 46th and 47th streets, was almost foreclosed upon when the Shorenstein Group, a mezzanine loan holder, bought the equivalent of the B-note for the property and started foreclosure proceedings, Norman Sturner, CEO of Murray Hill Properties told the New York Observer. Thankfully, a mystery Asian investor stepped in to rescue Murray Hill Properties’ prized tower…. [more]
From left: 1180 Sixth Ave., Norman Sturner, president of Murray Hill Properties, and Howard Michaels of the Carlton GroupHoward Michaels has saved the day at 1180 Sixth Avenue, bringing in an anonymous Chinese investor to bail out the owners before a planned foreclosure auction by mezzanine debt holder Shorenstein Properties, according to the Post. Norman Sturner’s Murray Hill Properties and the Carlyle Group had defaulted on their mortgage payments in January after buying the 23-story property, between 46th and 47th streets, for $300 million at the height of the market. Shorenstein filed to foreclose late last month…. [more]
1 Park Avenue and, from top, Scott Rechler of RXR and Norman Sturner of Murray Hill Properties (building photo source: PropertyShark)
Vornado Realty Trust spent a total of $180 million to recapitalize and gain control of the 925,000-square-foot office building 1 Park Avenue from Norman Sturner’s Murray Hill Properties, which was in danger of losing the property to lenders.
The cash infusion included about $30 million in tenant improvement costs and other reserves, while at the same time Vornado secured $250 million in debt from a major investment bank, a person familiar with the deal, which closed last night, said. Murray Hill retained a small portion of the equity on the 20-story building located between 32nd and 33rd streets, the source said.
The original capital stack was comprised of a $375 million first mortgage, $100 million in mezzanine debt held by three companies and $120 million in equity…. [more]
1180 Sixth Avenue and Norman Sturner, president of Murray Hill PropertiesShorenstein Properties is foreclosing on its mezzanine debt at 1180 Sixth Avenue after owners Murray Hill Properties and the Carlyle Group defaulted on their mortgage payments last month, Crain’s reported. The joint venture purchased the 23-story property, between 46th and 47th streets, for $300 million in 2007, but ran into financial trouble there after the market crashed. As a result, Murray Hill Properties had recently hired the Carlton Group to help it hold onto the 400,000-square-foot tower, with chairman Howard Michaels reportedly hunting for another $245 million…. [more]
Top row, from left: Joy Browne, the kitchen at her apartment at 21 South End Avenue, and the kitchen at 146 Central Park West.
Bottom row, from left: Howard Michaels with his listings: an exterior and interior shot of the Lucida at 151 East 85th Street, and the Stanhope at 995 Fifth Avenue.
Radio psychologist Dr. Joy Browne has two things in common with the fictional Frasier Crane. One, she answers callers’ on-air questions about life and love. And two, she has a fabulous apartment. Now Browne’s 2,600-square-foot riverfront duplex at the Regatta condominium in Battery Park City is on the market with L.G. Fairmont Group’s Derek Lee for $3.4 million, or $18,000 per month to rent. In addition, Howard Michaels, the chairman and CEO of international real estate investment banking firm the Carlton Group, last week put his 5,200-square-foot Lucida spread on the market with Corcoran’s Carrie Chiang for $11 million, along with his Stanhope apartment, which is priced at $11.5 million. Also, a 6,000-square-foot apartment is up for grabs at the San Remo, the iconic twin-towered co-op which Bono, Rita Hayworth and Steven Spielberg have called home. Unit #6E6F at 146 Central Park West hit the market over this past weekend for $24.75 million with Bellmarc’s Dan Fishman. Click here for more.
With the volatile real estate debt market, now is certainly an interesting time to become further entrenched in the industry — so says Howard Michaels, the chairman and CEO of the Carlton Group, which recently launched the Carlton Exchange Web site where investors can auction off real estate loans. Michaels sat down with the New York Times to discuss his firm’s new site and some of his most memorable deals. Michaels said that, given the current market climate, now is an ideal time to launch the auction Web site. “The banks will get more exposure for their assets, the bidders can go to a central location to see what’s available,” Michaels said. “But it’s not an auction in that it has to be sold right away. It’s more like the Multiple Listing Service you have for homes.”
Manhattan Association of Realtors launches trend group: The
Manhattan Association of Realtors has created a market trends committee
that will discuss and compile trends that association members are
seeing in the market. The group will meet monthly to discuss the market
and create a report on current trends. The founding members of the
committee include Zhann Jochinke of Argo Residential, Kathryn Higgins
of DJK Residential and David Thompson of Klara Madlin Real Estate. TRD… [more]