The Real Deal New York

Extell lands $55M Bank of Ozarks loan for UES condo

Gary Barnett-led firm closed on 350 East 86th for $93M
By E.B. Solomont | July 13, 2016 04:29PM

350 East 86th Street (inset: Gary Barnett)

350 East 86th Street on the Upper East Side (inset: Gary Barnett)

Gary Barnett’s Extell Development nabbed a $54.9 million acquisition loan from Bank of the Ozarks for the developer’s latest Upper East Side condominium development.

The acquisition loan coincided with the Extell’s TRData LogoTINY closing on a Gristedes supermarket at 350 East 86th Street, according to property records. The purchase price for the site was $93 million.

Extell went into contract last year on the property, where it’s planning a 20-story condo. The supermarket parcel will be combined with four low-rise properties that Barnett previously assembled on First Avenue between East 85th and 86th streets.

So far, plans haven’t been filed for the project, located within blocks of another Extell project that’s currently under construction. The Kent, located at 200 East 95th Street (also known as 1681 Third Avenue), will be a 30-story condo tower with a projected sellout of $535.34 million.

Bank of the Ozarks, a regional bank based in Arkansas, has ramped up investment in New York City real estate in recent months. Tishman Speyer said it would start construction on its 1.1 million-square-foot Long Island City office-and-retail development after landing a construction loan from the bank and Qatari Diar.

In other Bank of the Ozarks deals, Ashkenazy Acquisition Corp. secured $92 million for its purchase the Nylo hotel   and Sam Chang pulled off $115 million to develop a 28-story hotel.