Barnett in talks for $1B loan for new tower

New York /
Jun.June 21, 2013 09:30 AM

Extell Development’s Gary Barnett is looking to a Chinese bank for a roughly $1 billion loan to finance his planned combination condominium and hotel skyscraper at 225 West 57th Street, the Wall Street Journal reported.

Barnett – who has more ongoing Manhattan projects than any other developer — is in talks with the Export-Import Bank of China for the financing, sources told the Journal. If the deal goes through, it would likely be the largest loan for a U.S. real estate construction project since the downturn and would be the Chinese bank’s first real estate project.

Generally, “the Chinese bank will provide the financing on very favorable terms,” Joel Rothstein, an attorney at Paul Hastings LLP, told the Journal. “At the same time, ‘China Inc.’ is supported and promoted, as Chinese contractors and construction-material suppliers win high-profile international assignments.”

The building, just south of Central Park, is poised to be the country’s tallest residential tower, with a building permit application seeking a height of 1,550 feet. It will be completed in 2017 or 2018, as The Real Deal has previously reported. The architect on the project also designed the Burj Khalifa in Dubai, the world’s tallest building. Nordstrom committed to put its first Manhattan outpost at the base of the tower last fall. [WSJ]  – Hiten Samtani


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's Gary Barnett and One57 (Getty)
One57 is 90% sold: Extell announces Q1 sales
One57 is 90% sold: Extell announces Q1 sales
Extell sells One57 sponsor unit for $17M
Extell sells One57 sponsor unit for $17M
Extell sells One57 sponsor unit for $17M
The soft market for luxury units has some developers hard up. (Getty)
Buyers taking advantage of New York City’s condo glut
Buyers taking advantage of New York City’s condo glut
One57's unit 51B (left) and unit 32C with Extell’s Gary Barnett (One57 photos via StreetEasy)
One57 resident pays $5.2M to swap 2-bed for duplex
One57 resident pays $5.2M to swap 2-bed for duplex
Central Park Tower at 217 West 57th Street and Extell president Gary Barnett
Closings kick off at Central Park Tower
Closings kick off at Central Park Tower
arrow_forward_ios

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

Loading...