Barnett in contract to buy Carlton House

TRD New York /
Mar.March 09, 2010 12:25 PM

Gary Barnett’s Extell Development partnered with investment firm Angelo, Gordon to buy the Helmsley Carlton House at 680 Madison Avenue for about $170 million from the Helmsley estate, the Wall Street Journal first reported.

Barnett and Midtown-based Angelo, Gordon are together in contract to buy the 160-unit hotel and apartment building at Madison Avenue between 61st and 62nd streets, which was being marketed by CB Richard Ellis vice chairman Darcy Stacom, three sources confirmed to The Real Deal.

According to one of the sources, the bids were due last Friday, and needed to include a signed contract and a $10 million deposit. A fourth source, speaking yesterday, said there were six bids made for the property. The retail portion of the building is considered a particularly valuable asset, insiders said.

Angelo, Gordon, one of many investors partnering with local players to purchase distressed properties in New York, declined to comment on the sale. CBRE and Extell did not immediately respond to calls for comment.

The sale was considered a test for the commercial property market. Before the sale, sources said bids were being made at about $150 million. TRD

Related Articles

One Manhattan Square Extell Development CEO Gary Barnett (Credit: Curbed NY)

Extell lands $690M refinancing package for One Manhattan Square

Gary Barnett and 1855 Broadway (Credit: Google Maps)

Gary Barnett assembling Columbus Circle development site

Extell Development chairman Gary Barnett and One Manhattan Square (Credit: Anuja Shakya, StreetEasy)

Rent now, buy later at Extell’s One Manhattan Square

Who needs New York? Garden State multifamily portfolio trades for $146M

How much for that CVS building? In Greenwich, the price is $30M

206 West 17th Street, 116 7th Avenue, and Extell Development’s Gary Barnett (Credit: Google Maps)

What rich people in NYC will pay to keep their view: TRD analysis

Extell Development's Gary Barnett (Credit: Getty Images and iStock)

Chelsea residents paid Gary Barnett $11M to protect their views from a planned tower

Vineyard Vines HQ sold in Stamford, Avon inks Rye deal & more Westchester and Fairfield real estate news