Published On: Sun, Aug 17th, 2014

Joseph Sitt Refinanced Carlton House Retail Space for $175 Million

680 Madison Ave

Joseph Sitt’s Thor Equities has refinanced the retail space that it owns in the Carlton House luxury condominium building on the east side of Manhattan for $175 million, this according to a report from the New York Observer.

The new mortgage was provided by Morgan Stanley and it was closed last month. Part of the money is expected to be used by Thor to repay a $115 million loan that it took out from M&T Bank when it purchased the property for $277 million last year from Extell Development last year for $277 million, which had paid $170 million for the entire building in 2010.

Built in 1951 and located at 680 Madison Ave at the corner of 61st Street in the Lennox Hill section of Manhattan, Carlton House was constructed as a residential building, was later converted into a hotel by the Helmsley Company and then refitted as a luxury condominium.

It holds two levels of retail space totaling 38, 500 square feet of space with multiple storefronts, between East 61st and 62nd Streets. It also has more than 360 feet of frontage that wraps around the street corner.

Thor’s website boasts that, “680 Madison Avenue, originally called the Helmsely Carlton House, personifies the luxury and grandeur associated with Madison Avenue retail, and exudes the esteem associated with the Upper East Side neighborhood.”

It also states that it, “embodies classic elegance and is surrounded by the most renowned names in retail. In Manhattan’s Upper East Side neighborhood, and with Fifth Avenue and Central Park to the West, 680 Madison is also nearby Manhattan’s Museum Mile.”

The retail two floors will have a tan façade with blue awnings and stand below fifteen red bricked residential floors. The stores will all have 12 foot high ceilings.

Extell is currently completing the refit which, when finished, will have 68 condominium apartments in the seventeen story building. The original brick and limestone exterior of The Carlton House has been preserved.

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