After months of inactivity and frustration, the original owner of the Carlton Mews project, Stuart Venner, has been bought out by the equity partners he brought in a couple of years ago. Last week, an entity called, not surprisingly, Carlton Mews LLC, paid Venner (of curb cutting fame) a total of $6.75 million for the two lots that comprise the planned project. (The development, which has approved plans from Landmarks in place, includes the conversion of a church on Adelphi Street and the construction of a group of new townhouses on Carlton Avenue.) Despite one of the equity investors being an real estate veteran (one of his past projects was 40 Mercer in Manhattan) the team had run into a wall trying to get financing in recent months. Venner had lost patience with the project but, from what we hear, the equity investors are sticking around to see it through. As we noted last month, there’s been some activity at the site in recent weeks.
Carlton Mews Back on Track, Ready to Dig [Brownstoner] GMAP P*Shark DOB
Carlton Mews “On Life Support”? [Brownstoner]
LPC Gives Go-Ahead to Carlton Mews Project [Brownstoner]
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Talk about new money overtaking old money.