Carlton Advisory Services, Inc

Real Estate Weekly, Jan 10, 2001

Carlton Advisory Services, Inc. has closed a long-term land lease for the developer Shaya West to develop a luxury mid-rise apartment building at the site of 323 W. 96th St., according to the company's chairman, Howard L. Michaels. The developer plans to start breaking ground soon and expects to complete the building within 18 months.

The transaction involved a complicated tri-party agreement, whereby Carlton was able to arrange a triple-net, long-term ground lease between two separate fee owners for the development of the 172,000 SF residential building to be known as The Park West: In addition, Carlton arranged a construction loan in the amount of $24.8 million. Brian Weiss and Kevin J. Brennan, senior vice presidents of Carlton, brokered the lease and arranged the financing in this transaction.

The Park West will consist of 172 residential units, many of them duplexes and triplexes with Hudson River and Riverside Park views.

Development of the building will consist of two sections -- one portion consisting of 13 stories and two penthouse floors and another portion consisting of 10 stories and two penthouse floors. Overall, there will be 12 penthouse apartments, all of which will be duplex units with private terraces. Building amenities will include a doorman, concierge services, common tenant space, and private landscaped gardens for the triplex apartments.