Extell to move forward on Gem Tower without construction loan

New York /
Dec.December 27, 2010 09:49 AM

Extell Development plans to start going vertical with its 34-story International Gem Tower building in March with or without a construction loan, vice president Raizy Haas told the Wall Street Journal. According to Haas, the developer’s equity partners in the project have agreed to pony up the funds for what she called a “calculated risk” — a risk that many lenders have shied away from in recent years. The Diamond District commercial condominium currently has 150,000 square feet worth of commitments from buyers, which works out to around 20 percent of the building. Extell now has contracts out to buy the steel and glass curtain wall for the Skidmore Owings & Merrill-designed building, at 47th Street and Sixth Avenue. “We feel comfortable once we start going vertical that we’re going to be able to sell more space quickly,” Haas said. “At some point in the process, we’re going to go to the banks and get a construction loan.” [WSJ]


Related Articles

arrow_forward_ios
One Manhattan Square Extell Development CEO Gary Barnett (Credit: Curbed NY)
Extell lands $690M refinancing package for One Manhattan Square
Extell lands $690M refinancing package for One Manhattan Square
Extell Development's Gary Barnett (Credit: Getty Images and iStock)
Chelsea residents paid Gary Barnett $11M to protect their views from a planned tower
Chelsea residents paid Gary Barnett $11M to protect their views from a planned tower
Central Park Tower
Extell just went public with Central Park Tower listings
Extell just went public with Central Park Tower listings
Extell plans Theater District hotel, avoiding special permit
Extell plans Theater District hotel, avoiding special permit
Extell plans Theater District hotel, avoiding special permit
From left: 200 Amsterdam, Extell's Gary Barnett with Central Park Tower and 130 William Street 
These buildings were the best-selling new developments of 2021
These buildings were the best-selling new developments of 2021
Gary Barnett and plans for the 1,100-foot supertall at 570 Fifth Avenue (Extell Development)
Extell files permits for long-awaited Diamond District supertall
Extell files permits for long-awaited Diamond District supertall
Extell’s Gary Barnett and a rendering of 50 West 66th Street (Snøhetta)
Fight over Extell’s UWS tower could crush century-old City Club
Fight over Extell’s UWS tower could crush century-old City Club
North Dakota businessman scoops up 2nd unit in Extell’s One57
North Dakota businessman scoops up 2nd unit in Extell’s One57
North Dakota businessman scoops up 2nd unit in Extell’s One57
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...