The Real Deal New York

Carlton House Hotel to go residential

October 25, 2010 06:00PM

Gary Barnett and the Carlton

The Carlton House Hotel, a 16-story building at 680 Madison Avenue and East 62nd Street, will close at the end of the year to undergo a massive renovation and conversion into an apartment building, Crain’s reported. In March, Angelo Gordon and partner Extell Development purchased the 160-unit building from the Helmsley estate for $170 million. About half of the building is already comprised of apartments, but they will be emptied when their leases expire next year. “I never thought they’d open it as a hotel [after the renovation],” said Thomas McConnell, senior managing director of Cushman & Wakefield Sonnenblick Goldman. “It was pretty apparent that for the [high] price they paid, it was going to be a residential conversion.” The owners filed a Worker Adjustment and Retraining Notification on Friday with the state Department of Labor, indicating that the property will close Feb. 14, 2011. The building was first conceived as a residential property when it opened in 1953 and was called the Helmsley Carlton House. The new owners renamed it this year. Construction will take about two years to complete. [Crain’s]

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