Extell sells commercial condo to Success Academy for $68M

Deal may provide the company with fresh liquidity

TRD New York /
Dec.December 14, 2016 05:25 PM

From left: 555 10th Avenue, Eva Moskowitz and Gary Barnett

Gary Barnett’s Extell Development, currently working to lock down financing for several of its high-profile condominium projects, has collected $67.7 million from the sale of a commercial condominium unit at its 555 10th Avenue rental tower.

Success Academy Charter Schools bought the 93,871-square-foot commercial space at the base of the 562,325-square-foot tower, according to public records filed with the city Wednesday.

The sale price equates to $721 per square foot.

The deal comes as Extell works to secure financing for its Central Park Tower project, at 217 West 57th Street. Earlier this week, the company secured a one-week extension on a $235 million land loan from Blackstone Group TRData LogoTINY for the tower, according to public disclosures made to its Israeli bondholders. Sources said the short-term of the extension may be an indication that Barnett is close to closing a financing deal.

Israeli investors have long pointed toward a prospective sale or refinancing of the 10th Avenue building as a potential source of new capital for Extell. The 52-story project comprises 478 luxury rental units and 30,000 square feet of amenities, including a rooftop pool. It’s slated to be fully occupied by the third quarter of 2017.

Success Academy, the controversial charter school network headed by Eva Moskowitz, operates 34 schools in the five boroughs, according to its website.

Extell declined to comment. Success did not immediately respond to requests for comment.


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

Gary Barnett and 1855 Broadway (Credit: Google Maps)

Gary Barnett assembling Columbus Circle development site

Extell Development chairman Gary Barnett and One Manhattan Square (Credit: Anuja Shakya, StreetEasy)

Rent now, buy later at Extell’s One Manhattan Square

José Cuervo owner Juan Beckmann Vidal and 1010 Park Avenue (Credit: Getty Images, StreetEasy)

Mexican billionaire buys Park Ave pad for $25M amid shopping spree

From left: 241 East 73rd Street, 1514-1528 First Avenue, and Extell Development's Gary Barnett (Credit: Google Maps)

Here’s what the $10M–$20M NYC investment sales market looked like last week

Neighbors sue to block Extell’s UWS tower after city OKs amended plans

WATCH: Gary Barnett on the residential market, Brooklyn and discounts at
One Manhattan Square

Outfoxed a decade ago by Gary Barnett, Marty Burger pays $10M for Carlton House pad

arrow_forward_ios