Extell looks to raise $190M in EB-5 funds for Central Park Tower

The $2.98B project is expected to have a sellout of close to $4.4B

TRD New York /
Jun.June 21, 2016 05:36 PM

Gary Barnett is looking to raise $190 million in financing for Extell Development’s Central Park Tower development through the EB-5 program, according to marketing materials on a Chinese EB-5 website.

Extell had filed an offering plan for the 182-unit development back in July but withdrew it just a month later, according to records filed with the New York Attorney General’s office. Barnett was rumored to be in discussions with a new capital partner at the project.

EB-5 is a federal program that grants foreign investors green cards in exchange for a minimum investment of $500,000 in job-creating projects in the U.S. It’s become one of the most popular — and most controversial — fundraising vehicles for New York developers.

Barnett is also looking to raise up to $200 million for a 815-unit project at One Manhattan Square on the Lower East Side.

EB-5 investors in the Central Park project at 217 West 57th Street would be required to pump in a minimum of $1 million, according to the documents on website visas.to The residential condo portion of the tower has a projected sellout of $4 billion in condo sales, with an average asking price of just over $6,500 per square foot.

Adrian Smith + Gordon Gill Architecture, the same firm behind the supertall Jeddah Tower in Saudi Arabia, is slated to design the building, which will be the tallest in the city by the height of its roof.

A link to the EB-5 Marketing Website Was First Tweeted By Wall Street Journal reporter Eliot Brown.


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
Clockwise from left: 950 University Avenue in the Bronx, 27-55 Jackson Avenue in Queens, 149 Pioneer Street in Red Hook and 416 Metropolitan Avenue in Williamsburg (Google Maps)

EB-5 investor snags Hunters Point resi development: Mid-market sales report

EB-5 investor snags Hunters Point resi development: Mid-market sales report
Tel Aviv Stock Exchange bull (Wikimedia Commons)

NYC developers face downgrades on Israeli bond market

NYC developers face downgrades on Israeli bond market
Claude Wasserstein and 995 Fifth Avenue (Getty, Google Maps, Sotheby's)

Claude Wasserstein relists UES penthouse for $55M

Claude Wasserstein relists UES penthouse for $55M
Gary Barnett and Sush Torgalkar with 225 West 57th Street, 225 West 86th Street, and 169 Columbia Heights in Brooklyn (Credit: Getty Images, iStock, and CityRealty)

Torgalkar out as CEO of Extell: sources

Torgalkar out as CEO of Extell: sources
Jeff Blau and Hudson Yards (Getty, WIkipedia)

Hudson Yards’ EB-5 investors demand arbitration with Related

Hudson Yards’ EB-5 investors demand arbitration with Related
Extell Development president Gary Barnett and Kushner Companies founder Charles Kushner with a rendering The Lofts at Pier Village in New Jersey (Rendering via Extell Development)

Kushner Cos. buys Gary Barnett out of development on NJ waterfront

Kushner Cos. buys Gary Barnett out of development on NJ waterfront
HNA Group’s Guoqing Chen, One57 and  and Gary Barnett (Godsfriendchuck via Wikipedia)

HNA’s fire sale continues with One57 deal

HNA’s fire sale continues with One57 deal
arrow_forward_ios

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

Loading...