Extell refis Yorkville development site with $85M loan

Mortgage is backed by six-parcel assemblage including a former Gristedes

TRD New York /
May.May 16, 2017 06:20 PM

From left: 1647-1651 First Avenue (credit: Google Maps), Gary Barnett and 350 East 86th Street

Gary Barnett’s Extell Development TRData LogoTINY secured $85.3 million to refinance a development site on the corner of First Avenue and East 86th Street in Yorkville, where the firm reportedly plans to build a 20-story residential building.

The financing, provided by Bank of the Ozarks, is backed by a six-parcel assemblage anchored by a former Gristedes supermarket at 350 East 86th Street, which Extell bought for $93 million in June 2016. The loan consolidates and replaces existing acquisition debt on the properties from Manufacturers and Traders Trust Company, combined with a new $1.1 million mortgage.

The agreement includes the possibility of increasing the loan amount to a maximum of $106 million, according to documents.

The assemblage include four low-rise apartment from 1643 to 1651 First Avenue, two of which Extell was looking to sell after stripping them of their air rights. The sixth property is another low-rise at 351 East 85th Street.

Extell has also paid over $15 million for development rights from a collection of buildings.

Permits have not yet been filed for the site and Extell was not immediately available for comment.

Barnett’s firm is in the process of developing another condo building in Yorkville. Located at 200 East 95th Street, the 30-story tower will have 104 units.

(To view more financing deals involving Extell Development, click here)


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 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

Gary Barnett’s Extell gets $268M to refinance two dev sites

arrow_forward_ios