Barnett: Central Park Tower will fall short of $4B sellout

Another Central Park Tower pad has sold for far less than its original ask, and developer Gary Barnett recognizes his supertall isn’t going to achieve the lofty sellout he once envisioned. The latest sponsor unit to sell at Billionaires’ Row’s tallest skyscraper went for $43 million, the Wall Street Journal reported , 33 percent less than the $63.8 million Barnett’s Extell Development originally sought when it placed it on the market in 2019. The anonymous

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Extell: Condo developer plotted to poach retail tenant

Gary Barnett’s Extell Development accused the developer behind one of Manhattan’s priciest condominiums of plotting to swindle Extell out of a $21 million lease and steal away a retail tenant. Attorneys representing the development firm filed a lawsuit Monday in Manhattan accusing Landsea Homes of breaching its contract to sell Extell a 11,200-square-foot retail unit at 540 Sixth Avenue. Extell also accused Landsea of attempting to strong-arm the closing of the unit while Extell was

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“What happened to Ziel Feldman reminds me of what happened to Kent Swig:” An interview with the author of “The New Kings of New York”

When Adam Piore decided to chronicle how New York turned into a playground for the world’s one-percenters, he knew he needed “narrative mules” — characters whose journeys would carry the reader through the city’s operatic transformations. The natural protagonists for such a sweeping tale were, of course, real estate developers, and thus was born “The New Kings of New York: Renegades, Moguls, Gamblers and the Remaking of the World’s Most Famous Skyline,” Piore’s best-selling new

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Extell lands $125M loan for UES resi project

Gary Barnett’s L-shaped project scored a “W” this week thanks to a $125 million debt package that refinances the planned Upper East Side tower. German commercial lender Helaba provided the loan for Extell Development’s project at 1637 First Avenue, according to property records reported by the Commercial Observer. Helaba previously demonstrated its belief in the project in 2018, when it provided $118.2 million in financing to back the purchase of the 10 lots, along with

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Netflix bids on 289-acre land in New Jersey

Netflix is officially in the running for a large tract of land in New Jersey. So is one of New York City’s biggest developers. The streaming giant bid on the so-called “Mega Parcel” in Fort Monmouth on Monday, NJ.com reported. Bidders had until Monday at noon to submit proposals for the 289-acre land, a former Army base made available through the Fort Monmouth Revitalization Authority’s request for offers. Details on the bid were not available,

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Feil out, Extell in at big Brooklyn development

One major developer is handing off its Downtown Brooklyn project to another. Gary Barnett’s Extell Development signed a long-term ground lease with the Feil Organization at 356 Fulton Street, Crain’s reported. The $85.9 million deal signifies that Barnett’s firm will now helm the project. Whether Barnett will change the project is not clear. Last year, Feil filed plans for a 43-story building, which would encompass 475,000 square feet, including about 100,000 for commercial use. The

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Gary Barnett has something to say

Gary Barnett doesn’t do many interviews. But it turns out that he has a lot of opinions. The billionaire founder and president of Extell Development shared a few in a rare sit-down Thursday, including: that he should not have to pay millions of dollars to holdout tenants; that it’s wrong to say foreign buyers of luxury apartments are “parking their cash;” that rents are not soaring but returning to pre-pandemic levels; and that developers often

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Chinese furniture magnate purchases Central Park Tower pad for $15.3M

Yao Liangbo has a new home to furnish. The vice chairman of Oppein Home Group, one of China’s largest makers of kitchen appliances and home furnishings, purchased unit 47C at Extell’s Central Park Tower at 217 West 57th Street for $15.3 million — $4,500 per square foot — according to property records filed April 14. The asking price was $16.5 million. Janice Chang of Douglas Elliman had the listing. The 3,400-square-foot corner unit has three

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Barnett lands $900M for Disney UWS campus

Gary Barnett’s Extell Development has locked down another slice of the Upper West Side, securing financing for the purchase of part of the former Walt Disney Company-owned ABC campus. Extell recently purchased the West 67th Street property from Silverstein Properties and Seven VAlleys for about $930 million, the Commercial Observer reported. The developer scored at least $900 million in acquisition financing from Guggenheim Partners and Aquarian Holdings. Aquarian, Beaumont Partners and JVP Management are all

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Extell lands $325M refi for Times Square Hard Rock Hotel

Gary Barnett is ready to rock. A month before its 446-key Hard Rock-branded hotel is slated to open in Times Square, Barnett’s Extell Development has secured a $325 million package from Guggenheim Investments to refinance the property, records show. The funding includes a new gap loan of $100 million and replaces a $225 million construction loan originated by Bank of America in 2020. The 37-floor hotel, completed last year, will open for business next month

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