GFI to convert NoMad’s Carlton Hotel to James brand

Developer acquired Beaux Arts building last year for $162M

New York /
Nov.November 17, 2016 08:40 AM

GFI Capital Resources Group is planning on branding the Carlton Hotel in NoMad the company bought for $162 million into a hip, 317-key James hotel.

GFI, owner of the Ace Hotel, plans to redo the lobby at the 12-story Beaux Arts building at 88 Madison Avenue between East 28th and East 29th streets and build a new 4,500-square-foot retail space, the Commercial Observer reported.

The asking rent for the space would like be around $200 per square foot. Retailers in the area include the Italian ceramics manufacturer Florim, the Sony Corporation and Ethan Allen.

This would be the second James hotel for the city. PGIM Real Estate owns the James New York at 27 Grand Street in Soho. Thor Equities is in contract to buy the 114-key hotel for $70 million, as The Real Deal originally reported in September.

GFI bought the Carlton last year for $162 million, financed with a $153.5 million loan from Apollo Commercial Real Estate Finance. Nightly rates at the property average $135 per room. [CO]Rich Bockmann

Correction: Due to an error in the source article, this post incorrectly stated GFI Capital Resources Group owns the NoMad Hotel. GFI sold its interest in the property.


Related Articles

arrow_forward_ios
GFI and Marx raise north of $60M apiece in Tel Aviv bond offerings

GFI and Marx raise north of $60M apiece in Tel Aviv bond offerings

GFI and Marx raise north of $60M apiece in Tel Aviv bond offerings
News of President-elect Biden’s $1.9T stimulus plan held promise for employment and economic activity. (Getty)

Real estate stocks hold gains even as market doesn’t

Real estate stocks hold gains even as market doesn’t
Photo illustration of Aliz Hotel at 310 West 40th Street (Google Maps)

From lender with love: Bond-themed hotel sued for $40M

From lender with love: Bond-themed hotel sued for $40M
Chelsea Hotel with Ira Drukier and Richard Born (Getty)

Chelsea Hotel reno can resume after housing department drops fight

Chelsea Hotel reno can resume after housing department drops fight
325 West 33rd Street and Magna Hospitality CEO Robert Indeglia (Google Maps; Magna Hospitality)

Wells Fargo sells Penn Plaza hotel leasehold mortgage for $51M

Wells Fargo sells Penn Plaza hotel leasehold mortgage for $51M
Hilton Hotel in Times Square (Google Maps)

Hilton Times Square owner: “Take my hotel, please”

Hilton Times Square owner: “Take my hotel, please”
Some restaurants and hotels are partnering up to offer private dining in empty rooms, in an attempt to survive the economic fallout of the pandemic. (iStock)

Hotels turn empty rooms into private dining suites

Hotels turn empty rooms into private dining suites
Renderings of 159 Broadway in Williamsburg and Tillary Hotel at 85 Flatbush Avenue in Downtown Brooklyn (Photos via Stonehill Taylor; The Tillary Hotel)

Two Brooklyn hotel projects file for bankruptcy in one week

Two Brooklyn hotel projects file for bankruptcy in one week
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...