As reported in the Wall Street Journal, Bloomberg and other notable publications, it has been confirmed that famed developer, Harry Macklowe has gone to contract on 737 Park Avenue and Carlton Chairman, Howard L. Michaels is his advisor.
737 Park Avenue is one of the truly great remaining, unconverted, pre-war apartment buildings, majestically sitting on a corner location, directly on Park Avenue and 71st Street.
The property enjoys tremendous light and air by virtue of its corner location, and sits directly across the street from 740 Park Avenue, which is arguably one of Manhattan’s most successful cooperatives. Mr. Macklowe, who is one of the most talented developers in the world, was able to capture this asset from a field of high profile investors who were all vying to acquire this asset.
Mr. Michaels has a long history with Mr. Macklowe, having arranged a major partnership for Mr. Macklowe at the General Motors Building several years ago.
This transaction continues Carlton’s success in raising capital for large, trophy Manhattan transactions, which has resulted in close to $2 billion in Manhattan deals just in 2011 alone.
Mr. Macklowe’s plans for the buildings have not yet been announced, but it is certain to be spectacular, keeping with an illustrious career, which has had a string of unparalleled successes.
I encourage you to contact me if you are interested in learning more about any of our off-market investment opportunities.
Howard L. Michaels
Carlton Advisory Services, Inc.
560 Lexington Avenue – 10th Floor
New York, NY 10022
(212) 545-1000 office
(212) 867-1305 fax
Carlton Exchange: www.carltonexchange.com