$124M Funds 206,853-SF Office-Condo Buy

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NEW YORK CITY-Carlton Advisory Services Inc. has arranged $124 million in institutional equity and senior debt financing for Gotham Realty Holdings’ acquisition of 110 E. 42nd St., a 206,853-sf office condominium in Midtown Manhattan. Carlton accessed a major money management firm to provide 80% of the equity for the acquisition, marking this firm’s first real estate transaction.

According to www.mrofficespace.com, asking rents per sf are $62; however, Michael Campbell, partner at Carlton tells GlobeSt.com that he believes asking rents are around $65 per sf. Office tenants include Eller Media, Morgan Lewis & Bockius LLP, Ackman & Ziff Real Estate Group LLC, Newmark Real Estate LLC; and Cipriani serves as the retail tenant.