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
Extell Development Puts Manhattan Retail on Block
Aug. 20, 2008
A retail co-op occupied by Duane Reade in New York City is being put on the block by Extell Development, according to Eastern Consolidated, which is acting on behalf of the seller.
Skinner Announces Move to Marlborough, Mass.
Aug. 20, 2008
Skinner Inc., the  auction house, has announced it will move from its long-time Bolton, Mass. gallery to a new facility located at 274 Cedar Hill Street in Marlborough, Mass.
NYU Buys Gramercy Green for $275M
Aug. 19, 2008
New York University acquired Gramercy Green condo building from J.D. Carlisle for $275 million with plans to convert the 21-story property into a dorm, The Real Deal reported. The building is located at 310 Third Avenue.
Teen Retailer Buys Office Space in Manhattan
Aug. 19, 2008
rue21, a leading specialty value teen retailer for girls and guys is on the move in New York City. The 400 plus store retailer has acquired and customized a 3,800-square-foot office located in the Fashion District.
The Orbach Group Acquires Miry Run Apartments in New Jersey
Aug. 19, 2008
The Orbach Group has purchased the Miry Run Apartments, a nine-building complex housing 144 units.  The  acquisition is the second Hamilton, N.J. property in the company’s portfolio, joining Victoria Apartments, bringing the Hamilton total to 460 units.