Carlton Advisory Services secures $208M financing for Starrett Lehigh.In a marked indication of confidence following the World Trade Center tragedy, Howard L. Michaels, chairman of Carlton Advisory Services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal , announced that he has secured new financing of $208 million for The Starrett-Lehigh Building, one of New York's most famous and visible commercial properties. Michaels, who has closed some of New York's largest sale and finance transactions, represents many active developers and is tied into the country's largest financial institutions, procured the Starrett Lehigh financing from a major commercial bank and a publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. on behalf of the building's owners, a group led by Mark Karasick. "Closing such a large loan at this time is a huge vote of confidence in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , the Property and Starrett's management," said Michaels. "The bank's action reflects the belief that Manhattan commercial property is one of the best and safest investments in the world." The Starrett Lehigh Building occupies an entire block front at 601 West 26th Street in West Chelsea, between 11th and 12th Avenues. The 2.3 million square foot building is home to such celebrated tenants as 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. , Smart Money magazine, a subsidiary of Dow Jones Dow Jones the best known of several U.S. indexes of movements in price on Wall Street. [Am. Hist.: Payton, 202] See : Finance and Hearst, Zurich Financial, U.S. Customs, the Federal Bureau of Investigation Federal Bureau of Investigation (FBI), division of the U.S. Dept. of Justice charged with investigating all violations of federal laws except those assigned to some other federal agency. , Verizon and Hugo Boss. The Starrert Lehigh Building boasts some of the city's largest floor plates at 140,000 SF, and an infrastructure which allows a very high level of flexibility. The entire building, including its elevators, was recently renovated and a significant amount of new space has been leased bringing the building's occupancy to approximately 90%. Michaels arranged the original $152.5 million in acquisition and renovation financing when Mark Karasick and partners purchased The Starrett Lehigh Building from the Helmsley Estate in late 1998. Michaels has led New York-based Carlton Advisory Services to over $7 billion of transactions since 1998. He played a key role in three huge transactions involving Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street. and three different ownership groups who purchased $500 million of real estate at 1185 Avenue of the Americas, 500-512 Seventh Avenue and 1775 Broadway (the Newsweek Building). Michaels was so financial advisor to Blackacre and Taconic in their $400 million purchase of the Sylvan sylvan emanating from or pertaining to woods. See also sylvatic. Lawrence portfolio, which included the 2-million square foot 111 Eighth Ave. He is also a leading player in the sale and financing of hotels. Among his many hotel transactions, Michaels represented Bernard Goldberg in the $132-million sale of the Gotham Hospitality portfolio. He recently sold the Barbizon Hotel and arranged financing for the Empire Hotel, both on behalf of Ian Schrager Hotels. |
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