Michaels of Carlton Group brokers $400 million trade in Manhattan between Elad Group and Peebles Corp. on 346 Broadway

Carlton Group chairman Howard Michaels has just brokered a $400 million trade of 346 Broadway between the Peebles Corp. and the Elad Group. This transaction, along with the $525 million financing of the Park Lane hotel represents $1 billion of deals Michael's has put together in the last couple of weeks. Elad Group, Yitzhak Tshuva's private North American real estate company, has completed its purchase from the city of New York, together with The Peebles Corp., of 346 Broadway. The landmark building, 346 Broadway was designed by McKim, Mead & White as the headquarters of the New York Life Insurance Company in 1898. Situated in Lower Manhattan, it currently houses the city's Criminal Summons Court and part of its Probations Department. The pair is investing $100 million, roughly one quarter of the $400 million that will be spent on the restoration, a source told The Real Deal. Goldman Sachs also provided an acquisition and pre-development loan of an undisclosed amount, the source said. The remainder of funds is from other debt. After the city vacates the building in May, the developer's aim is to begin interior demolition. Sales would then launch late next year, with a 2016 opening date. The architect has yet to be announced. Elad, whose CEO is Udi Erez, and Peebles, whose chairman and CEO is R. Donahue Peebles, will pay the city $200 million for the building. Peebles is the largest African American-owned real estate development firm in the United States, with a multibillion-dollar development portfolio of luxury hotels, residential and commercial properties in New York, Washington, Las Vegas and Miami.