Carlton Places $92M Toward Cardinal JV Buy

NEW YORK CITY-Cardinal Investments has acquired a Chelsea commercial complex package for $97.5 million. The three buildings, 511-519 W. 25th St., 521-539 W. 25th St. and 541 W. 25th St. have a combined size of more than 172,500 sf.

Partner Michael Campbell, managing director Steve Fenster and SVP Steven Rock of Carlton Advisory Services placed $92-million senior debt and mezzanine financing for the acquisition. The seller is 511 W. 25th St. Corp. and the buyer is a joint venture between Halcyon Real Estate Investors and Cardinal Real Estate Investments. Grubb & Ellis Co. represented both the buyer and seller in the purchase and sale of the three buildings.

Kyle Ransford, general partner of Cardinal, explains that the opportunity in Chelsea is tremendous. “A wholesale second transformation of the area is under way. The pedestrian artery between the Meatpacking and the rail yard will have a greater positive impact on the area than most are expecting. As a neighbor of the Highline, we are excited to contribute to the artist and Highline communities.”