The Real Deal New York

Extell to ask $1,500 per foot for ground-floor Carlton retail space

November 15, 2011 09:10AM

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From left: Isaacs and Company President Joel Isaacs and the retail space at 680 Madison Avenue

Extell Development and Angelo, Gordon & Co. revealed renderings of their Carlton House renovation and, according to the New York Post, the most significant changes appear in the retail space at the base of the building.

The redesigned retail space, at 680 Madison Avenue, between 61st and 62nd streets, will have 32,000 square feet, with a first floor that has larger windows and doors than in the past and an asking price of $1,500 per square foot. The second floor, which has a slight majority of the total retail space, will have massive ceilings thanks to a combination of the current second and third floors and an asking price of $350 per square foot. That yields a blended rent of about $900 per foot, according to the Post.

Extell chose Isaacs and Company to market the space, which will be ready late next year and expects to attract between five and eight luxury fashion boutiques. The few remaining retail tenants will be gone by the end of this year, and the marketing firm said it is already in talks with tenants for the two corner spaces.

Gary Barnett’s Extell acquired the Carlton House with Angelo, Gordon & Co. in early 2010 for $170 million, with plans to convert the 157 hotel and residential units into 68 apartments. The conversion includes the Landmarks Preservation Commission-approved addition of two stories to the top of the structure and a seven-story townhouse in an adjacent alley. [Post, 1st item]


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