Regions Northeast
1250 Broadway Closes with $215M Financing via Carlton
May 16, 2008

The deal for 1250 Broadway in New York City, as previously reported by CPN, has found funding through Carlton Advisory Services, which closed $215 million of acquisition and mezzanine financing for its acquisition, Carlton has announced. The trophy is a 39-story, 770,000 square foot office tower prominently located on Broadway between West 31st and 32nd Streets in Manhattan. After nine years of ownership, SL Green Realty Corp. sold the Class A office tower to Murray Hill Properties for $310 million, or approximately $463 per square foot. Carlton secured a $175 million first mortgage with a major German lender, a REIT provided $40 million of mezzanine financing to complete this financing. The transaction was closed on behalf of Norman Sturner of Murray Hill Properties and a large German opportunistic equity fund.

 
Recent Northeast Headlines
Starrett-City Clock Ticks on Sale of Huge Brooklyn Housing Complex
Sept. 08, 2008
The finish line is in sight for the competition to acquire Starrett City, a nearly 6,000-unit Brooklyn apartment complex that will command the highest price for a U.S multi-family property this year. News reports indicate the remaining candidates include combinations of national commercial real estate investors and local non-profit groups. The team with the most members includes Westbrook Partners, the Metropolitan Council on Jewish Poverty, the New York City Central Labor Council, Citigroup and Touro College. Also reportedly in the running are Greater Allen A.M.E. Cathedral Housing Corp. in joint venture with JPMorgan Chase; Housing Partnership Development Corp., Cogsville Group, Clarett Group, the Christian Cultural Center and Aimco; and NHP Foundation along with The Related Cos.
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