#1 Manhattan Investment Sales/Recap Ranking Goes to Carlton Chairman, Howard L. Michaels and Carlton

Outlined below, please find a reprint from today’s New York Post, which celebrates Carlton’s ranking as the #1 investment sales broker in Manhattan and #6 for office sales in the United States.

With the capital markets in a constant state of flux and volatility, those advisors and firms who have the ability to navigate the fragmented capital markets landscape are having greater success in today’s market. At Carlton, we have spent the last 20 years building relationships around the globe with non-traditional international and domestic investors, who are anxious to invest in today’s market.

I encourage you to contact me directly for a confidential discussion on how we may assist you with your next large investment sale, equity and debt raise, or commercial loan restructuring. We promise you a totally committed and focused effort, which will generate the best possible proceeds and terms for you.

The following was taken from Today’s New York Post.

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Demand for recaps has propelled Howard L. Michaels’ Carlton Group to the No. 1 spot in the city among office investment-sale brokerages for the first time, according to Real Estate Alert.

Carlton was ranked No. 6 nationally for the first half of 2011 based on total volume of debt and equity financings valued at over $1.1 billion. Eastdil Secured was No. 1 nationally with over $4 billion.

But in New York, Carlton came out on top for the first time in Real Estate Alert’s survey, thanks to three local recaps valued at $1.1 billion — at 1 Park Ave., 1180 Sixth Ave. and 450 W. 33rd St.

“Typically, recaps haven’t been recognized as investment sales, but they’re the exact same art,” Michaels said. But he noted that recaps are more complicated, as they’re typically three-party transactions involving special servicers as well as “a borrower who wants to stay alive” and a capital source.

With $850 billion in commercial mortgages due to mature by year’s end, according to CoStar Group, Michaels envisions only greater demand for recaps, “due to the widening out of spreads in the CMBS market, which is lowering loan levels, and the sluggish economy.”

An example of the recap market’s role in Manhattan real estate was the deal Carlton arranged in 2008 at 666 Fifth Ave., where owner Jared Kushner was facing a $335 million mezzanine maturation.

“We brought in Carlyle to do a $525 million recap which allowed him to continue owning the property, and the rest is history,” Michaels said — meaning Kushner’s subsequent $525 million sale of 666’s retail space as a condominium now valued at $1 billion.

This article was published by the New York Post on Tuesday, July 25, 2011

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