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New York

GFI buys Carlton Hotel for $162M

Acquisition adds to firm's NoMad hotel holdings

The Carlton Hotel at <a class="lavamap_link" style="text-decoration: none !important; color: inherit; box-shadow:none !important; pointer-events: none; cursor: default;" href="https://lavamap.com/property/88-Madison-Avenue-New-York-NY-10016/1008580017-0" target="_blank" data-address="88%20Madison%20Avenue%2C%20New%20York" data-label="88%20Madison%20Avenue" data-url="https%3A%2F%2Flavamap.com%2Fproperty%2F88-Madison-Avenue-New-York-NY-10016%2F1008580017-0" data-bbl="1008580017" data-blockValue="00858" data-lotValue="0017" data-zipcode="10016" data-bldgArea="185%2C785" data-bldgDepth="68" data-bldgFront="24.67" data-landUse="Comm%20%26%20office%20buildings" data-lotArea="17%2C895" data-lotFront="123.42" data-lotDepth="145" data-retailArea="0" data-resArea="14%2C859" data-officeArea="0" data-garageArea="0" data-strgeArea="0" data-factryArea="0" data-otherArea="0" data-bldgClass="H1" data-primaryZoning="C5-2" data-commercialOverlay="" data-far="10" data-buildable="178%2C950" data-airRights="-6%2C800" data-propertyNeighborhood="NoMad" data-latitude="40.7445259036581" data-longitude="-73.985799670663" data-moreList="%5B%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FviewOnMap.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F88-Madison-Avenue-New-York-NY-10016%5C%2F1008580017-0%22%2C%22urlLabel%22%3A%22View%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2Fownership.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F88-Madison-Avenue-New-York-NY-10016%5C%2F1008580017-1%22%2C%22urlLabel%22%3A%22View%20Ownership%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FleaseComps.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Ftherealdeal.com%5C%2Fnew-research%22%2C%22urlLabel%22%3A%22TRData%22%7D%5D" data-articleList="%5B%5D" rel="noopener">88 Madison Avenue</a> in NoMad (inset: Allen Gross)

The Carlton Hotel at 88 Madison Avenue in NoMad (inset: Allen Gross)

Allen Gross’ GFI Capital Resources Group acquired the Carlton Hotel in NoMad for $162.1 million, according to property records filed with the city Wednesday.

GFI bought the 12-story, 317-key hotel at 88 Madison Avenue from the Wolfson Group, a Financial District-based real estate investment firm led by the Wolfson family. The deal for the 111-year-old Beaux-Arts building, located between East 28th and East 29th streets, closed Sept. 30.

The Carlton Hotel acquisition adds to GFI’s sizable hotel holdings in NoMad, which include the 269-key Ace Hotel, at 20 West 29th Street, and the 168-key NoMad Hotel, at 1170 Broadway.

The firm’s plans for a new Ace Hotel in Downtown Brooklyn were dealt a blow last year, after a local community board rejected a proposed zoning variance for the site.

Representatives for GFI and the Wolfson Group could not be reached for comment.

Tags
Allen GrossGfi Capital Resources GroupHotel MarketNomad

TRENDING

Ex-Bespoke exec alleges racial discrimination, harassmentEx-Bespoke exec alleges racial discrimination, harassmentManhattan hotel trades in biggest distressed lodging deal of pandemicManhattan hotel trades in biggest distressed lodging deal of pandemicExtell lands $500M inventory loan at Central Park TowerExtell lands $500M inventory loan at Central Park Tower13th Floor wins approval for 335-home development on Tamarac golf property13th Floor wins approval for 335-home development on Tamarac golf property
New York

GFI buys Carlton Hotel for $162M

Acquisition adds to firm's NoMad hotel holdings

The Carlton Hotel at <a class="lavamap_link" style="text-decoration: none !important; color: inherit; box-shadow:none !important; pointer-events: none; cursor: default;" href="https://lavamap.com/property/88-Madison-Avenue-New-York-NY-10016/1008580017-0" target="_blank" data-address="88%20Madison%20Avenue%2C%20New%20York" data-label="88%20Madison%20Avenue" data-url="https%3A%2F%2Flavamap.com%2Fproperty%2F88-Madison-Avenue-New-York-NY-10016%2F1008580017-0" data-bbl="1008580017" data-blockValue="00858" data-lotValue="0017" data-zipcode="10016" data-bldgArea="185%2C785" data-bldgDepth="68" data-bldgFront="24.67" data-landUse="Comm%20%26%20office%20buildings" data-lotArea="17%2C895" data-lotFront="123.42" data-lotDepth="145" data-retailArea="0" data-resArea="14%2C859" data-officeArea="0" data-garageArea="0" data-strgeArea="0" data-factryArea="0" data-otherArea="0" data-bldgClass="H1" data-primaryZoning="C5-2" data-commercialOverlay="" data-far="10" data-buildable="178%2C950" data-airRights="-6%2C800" data-propertyNeighborhood="NoMad" data-latitude="40.7445259036581" data-longitude="-73.985799670663" data-moreList="%5B%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FviewOnMap.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F88-Madison-Avenue-New-York-NY-10016%5C%2F1008580017-0%22%2C%22urlLabel%22%3A%22View%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2Fownership.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F88-Madison-Avenue-New-York-NY-10016%5C%2F1008580017-1%22%2C%22urlLabel%22%3A%22View%20Ownership%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FleaseComps.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Ftherealdeal.com%5C%2Fnew-research%22%2C%22urlLabel%22%3A%22TRData%22%7D%5D" data-articleList="%5B%5D" rel="noopener">88 Madison Avenue</a> in NoMad (inset: Allen Gross)

The Carlton Hotel at 88 Madison Avenue in NoMad (inset: Allen Gross)

Allen Gross’ GFI Capital Resources Group acquired the Carlton Hotel in NoMad for $162.1 million, according to property records filed with the city Wednesday.

GFI bought the 12-story, 317-key hotel at 88 Madison Avenue from the Wolfson Group, a Financial District-based real estate investment firm led by the Wolfson family. The deal for the 111-year-old Beaux-Arts building, located between East 28th and East 29th streets, closed Sept. 30.

The Carlton Hotel acquisition adds to GFI’s sizable hotel holdings in NoMad, which include the 269-key Ace Hotel, at 20 West 29th Street, and the 168-key NoMad Hotel, at 1170 Broadway.

The firm’s plans for a new Ace Hotel in Downtown Brooklyn were dealt a blow last year, after a local community board rejected a proposed zoning variance for the site.

Representatives for GFI and the Wolfson Group could not be reached for comment.

Tags
Allen GrossGfi Capital Resources GroupHotel MarketNomad