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

New York /
Sep.September 28, 2017 01:00 PM

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.

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.


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
Real estate stocks push up this week as U.S.-China trade tensions ease
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
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Reynolds Asset Management's Lou Reynolds and 7-15 W Main St in Bound Brook, NJ (Illustration by Kevin Cifuentes for The Real Deal with Getty Images, Loopnet, Reynolds Assets Management)
Tri-state roundup: These New Jersey and Long Island deals aren’t turkeys
Tri-state roundup: These New Jersey and Long Island deals aren’t turkeys
Maefield Development's Mark Siffin and 20 Times Square (aka 701 Seventh Avenue) (Getty, Edition Hotels)
Massive loan on Maefield’s 20 Times Square in trouble
Massive loan on Maefield’s 20 Times Square in trouble
From left: Silverstein Properties CEO Marty Burger; BedRock Real Estate Partners co-founder Tracey Applebaum; Council member Julie Won; a rendering of Innovation QNS in Astoria (Getty, BedRock Real Estate Partners, New York City Council)
Council approves Silverstein, BedRock’s $2B Innovation QNS
Council approves Silverstein, BedRock’s $2B Innovation QNS
Signature's Joseph DePaolo (Getty, Signature)
FTX crash could hit Signature’s multifamily lending
FTX crash could hit Signature’s multifamily lending
Silverstein Properties' Marty Burger, City Council Speaker Adrienne Adams, BedRock Real Estate's Tracey Appelbaum, City Council member Julie Won and Mayor Eric Adams with rendering of Innovation QNS (Silverstein Properties, Getty, New York City Council, Innovation QNS)
5 lessons from Silverstein’s Astoria deal
5 lessons from Silverstein’s Astoria 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...