The Real Deal New York

Hong Kong private equity firm buys into Extell’s Lincoln Square project

Meridian Capital picks up stake in 25-story condo project in $127M deal
By Konrad Putzier | September 28, 2017 01:00PM

Gary Barnett and renderings of 36-44 West 66th Street (Credit: NYC DOB via CityRealty)

Extell Development and Megalith Capital brought in Hong Kong-based private equity firm Meridian Capital Limited as a partner at their Lincoln Square condo project 36-44 West 66th Street.

Property records filed Thursday show that Barnett recently transferred the site to two new entities, Extell 66 Member LLC and Meridian DT3 Member LLC, which goes by Meridian’s Hong Kong address. Extell sold the stake to the two ownership entities for $127.4 million, indicating that is the current value of the property.

Extell paid $45 million for 44 West 66th Street in 2014 and then partnered with Megalith, which bought the neighboring three buildings at 36-40 West 66th Street for $85 million. In 2015 the partners filed plans for a 25-story, 160-unit condo tower. Megalith’s Sam Sidhu told The Real Deal that the firm is still a part of the project, but declined to comment further.

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Extell could not immediately be reached for comment.

Extell and Megalith landed a $96 million acquisition loan from French bank Natixis in 2014 that remains in place, property records show.  On Sept. 12, the developers filed for permits to install scaffolding. In late October, they won zoning approval to begin work on floors one through 25, public records show.

Meridian, founded in 2012, is not to be confused with the New York-based brokerage Meridian Capital Group.