By Holly Dutton
Real estate lender RCG Longview has pumped $60 million in preferred equity into Thor Equities acquisition of the retail space at Carlton House.
The lender announced yesterday (Tuesday) it has closed on a two-year position for the acquisition of the 35,000 s/f retail prize, which is currently being redeveloped by Thor.
RCG said the finance would be used to “future tenant improvements and leasing commissions.ˮ
Thor purchased the 34,657 s/f Carlton House retail space back in January for $277 million from Extell Development Co. At the time, the purchase was reportedly one of the highest prices ever paid for a retail property on the street.
“Madison Avenue is so closely identified with luxury and class that the name itself has become synonymous with high-end, so much so that it is essential for any retailer calling itself a ‘luxury brand’ to have a presence on this thoroughfare,” said Joe Sitt, CEO of Thor Equities at the time.
“The opportunity to market this remarkable space to the best-of-the-best of luxury retail brands was simply too incredible a possibility to pass up.”
Located between 61st and 62nd Streets, the space includes 367 feet of continuous, wrap-around frontage and fills the full west side of the Madison Avenue block.
Neighboring retailers include a slew of high-fashion brands including Hermes, Barneys New York, Gucci, Jimmy Choo, David Yurman, Dolce and Gabanna, Longchamp, Chanel, Valentino and Michael Kors.
Extell Development and Angelo, Gordon & Co. paid $170 million for the Carlton House in 2010 and are converting the upper floors to co-ops.