The Real Deal New York

Posts Tagged ‘carlton group’

  • From left: Howard Michaels, Ira Zlotowitz and Joe Sitt

    From left: Howard Michaels, Ira Zlotowitz and Joe Sitt

    In September 2003, Harry Macklowe’s bid to buy the GM Building hit a roadblock: his lender, Wachovia Bank, was getting cold feet over the $1.4 billion price tag, and needed more time. With days to close on the purchase, Macklowe’s capital broker Rob Horowitz called his friend Eric Schwartz, head of U.S. real estate lending at Deutsche Bank. “I called Eric. He was playing golf in Ireland,” Horowitz later recalled. “I said, ‘Eric, do you want to come into this financing? I need a billion-four.’ And he said, ‘sure, we’ll do it.” Ten days later, the deal was done and Macklowe had his prize.  [more]

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  • From left: Joe Sitt and Michael Schurer

    From left: Joe Sitt and Michael Schurer

    The city’s top real estate-focused private equity investor is turning to a new source of capital for its projects: crowdfunding.

    Joseph Sitt’s Thor Equities, which bought $2.8 billion worth of New York City real estate last year, is working on launching a crowdfunding platform. [more]

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  • HFZ closes on $1B High Line deal

    May 07, 2015 03:29PM
    From left: HFZ's Ziel Feldman, 518 West 18th Street , and Carlton's Howard Michaels

    From left: HFZ’s Ziel Feldman, 518 West 18th Street , and Carlton’s Howard Michaels

    UPDATED, May 7, 5:16 p.m.: Ziel Feldman’s HFZ Capital Group has closed on the acquisition of a $870-million High Line development site after securing $1 billion in financing.

    The financing will cover the  purchase price for 518 West 18th Street, as well as other pre-development expenses, according to sources. A group including JPMorgan, BlackRock and SL Green provided the money. [more]

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  • shvo

    From left: 125 Greenwich Street in the Financial District, Dilip Shanghvi and Michael Shvo (credit: STUDIO SCRIVO)

    Indian billionaire Dilip Shanghvi, founder of global pharmaceutical firm Sun Pharma, invested $40 million in Michael Shvo and Bizzi & Partners’ 77-story condominium project at 125 Greenwich Street in the Financial District, Real Estate Weekly reported. [more]

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  • From left: Michael Shvo and Howard Lorber

    From left: Michael Shvo and Howard Lorber

    Developer Michael Shvo partnered with an array of local and global investors to arrange $240 million of equity and debt for the acquisition and development of a site at 125 Greenwich Street where he plans to build a soaring condominium tower. The complex deal closed today.

    Shvo brought on David Bizzi’s firm Bizzi & Partners as co-developer, and obtained additional equity from Howard Lorber’s investment company New Valley as well as an unidentified Chinese public company. The total equity investment for the Lower Manhattan project is approximately $70 million. [more]

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  • carlton

    21 East 61st Street

    A six-bedroom penthouse co-op at the Carlton House asking $65 million entered contract with an undisclosed buyer, according to StreetEasy data. [more]

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  • kevin-swill

    From left: Kevin Swill and Howard Michaels

    Midtown-based real estate investment banking firm the Carlton Group launched a crowdfunding website today for accredited investors.

    The firm, which has access to about $10 billion in real estate deal flow every year, would co-invest its own funds in each transaction. The equity investment would range from $1 million to $20 million per investor. The size of the deals could run from $20 million to as much as $100 million, the firm said in a release. [more]

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  • Michaels-1095-Herzka-Verrone2-Ziff

    From left: Howard Michaels, 1095 Sixth Avenue, Ralph Herzka, Robert Verrone and Simon Ziff

    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]

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  • Kevin Swill

    Kevin Swill

    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]

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  • kevin-swill

    From left: Kevin Swill and Howard Michaels

    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]

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  • From left: Craig Nassi and 315 Park Avenue South

    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]

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  • From left: Howard Michaels, CEO of the Carlton Group and the interior of 151 East 85th Street

    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]

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    Carlton’s Howard Michaels

    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]

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  • 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
    Group. … [more]

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  • 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]

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  • 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]

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  • 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]

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  • From left: 1180 Sixth Ave., Norman Sturner, president of Murray Hill Properties, and Howard Michaels of the Carlton Group
    Howard 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]

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  • 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]

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  • 1180 Sixth Avenue and Norman Sturner, president of Murray Hill Properties
    Shorenstein 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]

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