Manhattan, NY According to Carlton Group chairman Howard Michaels, managing director Steve Fenster and partner Michael Campbell have arranged the funds for the closing of the acquisition of a development site located across from the High Line in the West Chelsea area.
Carlton was the exclusive advisor to the buyer, a highly successful New York developer, and represented them in the off-market acquisition of this 65,000 s/f development site by sourcing balance sheet capital from an area alternative asset management firm. This was a complicated transaction which involved the negotiation and financing of a long-term ground lease The client intends to build an office and retail tower which has the potential to be valued at $150 million upon completion.
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