$219m deal inked by Carlton for Starrett-Lehigh Building recap.Carlton Advisory Services' Chairman Howard L. Michaels announced that his company has arranged a $219 million preferred equity investment by a major, passive, investment fund for the recapitalization of the Starrett-Lehigh Building, located in the West Chelsea section of Manhattan. Carlton was able to quickly move and bring in an investor on a preemptive pre·emp·tive or pre-emp·tive adj. 1. Of, relating to, or characteristic of preemption. 2. Having or granted by the right of preemption. 3. a. basis to fund the equity recapitalization. The Starrett-Lehigh Building, as well as the West Chelsea section of Manhattan overall, has experienced tremendous growth and anticipates large-scale development activity with the conversion of former warehouse space to prime office or residential use. Adding to the area's growth is the continued success of Chelsea Piers Chelsea Piers, officially Chelsea Piers Sports & Entertainment Complex, is a series of sports and entertainment buildings constructed on four adjoining piers on the West Side of Manhattan in New York City. , the construction of a state park along the Hudson River Hudson River River, New York, U.S. Originating in the Adirondack Mountains and flowing for about 315 mi (507 km) to New York City, it was named for Henry Hudson, who explored it in 1609. Dutch settlement of the Hudson valley began in 1629. , the emergence and development of the Meatpacking meatpacking or meat-processing, wholesale business of buying and slaughtering animals and then processing and distributing their carcasses to retailers. The livestock industry is among the largest in the world. District and the extension of the #7 subway line. The Starrett-Lehigh building is a 20-story, 2.3-million-square-foot office building featuring large floor plates, high ceilings and 90% window coverage; attributes that cannot be reproduced in a new building under current zoning. Its stunning views of the Hudson River and the Manhattan and New Jersey skylines will be preserved forever because of the non-existence of developable parcels between the property and the river. Originally zoned for industrial use, the property's current owner was able to rezone re·zone tr.v. re·zoned, re·zon·ing, re·zones To change the zoning classification of (a neighborhood or property, for example). re the building and convert the space to offices from industrial and manufacturing. The property now boasts a significant, high-profile and credit-worthy tenant base including: US Customs, Tommy Hilfiger Thomas Jacob Hilfiger (born March 24, 1951 in Elmira, New York) is a world-famous American fashion designer and creator of the eponymous "Tommy Hilfiger" and "Tommy" brands. Biography Hilfiger was born March 24, 1951 and raised in Elmira, New York. , Martha Stewart <noinclude></noinclude> Martha Stewart (born Martha Helen Kostyra on August 3, 1941) is an American business magnate, author, editor and homemaking advocate. She is also a former stockbroker and fashion model. Omnimedia, FBI, Zurich American Insurance, Wiltel Communications, Verizon and Hugo Boss, among others. The property's value has risen substantially over the past couple of years, due mostly to improved performance and the overall bull market of Manhattan office buildings. Carlton executives Michael Campbell and Joel Mazur assisted Mr. Michaels in arranging this complex capital package. |
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