The condo conversion of former hotel the Carlton House in the Upper East Side is set for a $200 million refinancing.
Bank of America is in discussions with project partners Angelo, Gordon & Co. and Extell Development to provide the financing, the New York Observer reported. The loan has yet to close and terms were not available.
In 2010, Extell and Angelo, Gordon bought the 157-unit, 16-story building at 680 Madison Avenue from the Leona Helmsley estate for $164 million. About half of the property, first built in 1951 as the Helmsley Carlton House, consisted of apartments at the time of the trade; the residential units were vacated as the leases expired.
After the gut renovation, the finished project will have 18 stories with about 68 units, along with a new 10,000-square-foot single-family townhouse. The first floor of the five-story townhouse will serve as the main entrance to the development, while the upper four floors will have a private entryway.
The base of the conversion will have 33,389 square feet of retail space, which was acquired by Vornado Realty Trust in July for $280 million, or $8,235 per square foot.
The project is expected to be completed in 2013 and is being designed by Beyer Blinder Bell Architects & Planners.