Extell lands $118M Helaba loan for UES assemblage

Barnett is planning luxury residential tower at the 10-lot site

TRD New York /
Apr.April 26, 2018 05:00 PM

Gary Barnett and 1514-1528 First Avenue, 401-403 East 79th Street and 400-402 East 80th Street in the Upper East Side’s Yorkville neighborhood (Credit: Google Maps)

Landesbank Hessen-Thüringen is the debt behind Gary Barnett’s latest assemblage play, records filed with the city Thursday show.

The German bank, also known as Helaba, provided $118.2 million in financing to Barnett’s Extell Development for a 10-lot site on the Upper East Side where Barnett plans a future luxury residential tower, potentially with a school at its base.

The lots lie along First Avenue between 79th and 80th streets. The loan is intended to back the purchase of the lots and development rights.

The sponsor on the public filing is Martin Hollander’s Marin Management, who also served as a shield for two of the building purchases.

In March, The Real Deal reported that Extell had completed the assemblage and was considering the purchase of additional air rights for a new development at the site. The company can build up to 250,000 square feet without the extra rights, however.

Last fall, Extell scooped up $200 million in air rights for a tower at 50 West 66th Street on the Upper West Side. The deals allow the developer to build a 775-foot-tall tower, the largest in that neighborhood.

Related Articles


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

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

An example of roll-off waste management (Credit: YouTube, iStock)

Big building owners prevent city from dumping container-pickup in trash-collection reform

Joel Schreiber (Credit: Shir Stein and Wikipedia)

WeWork’s first investor used his stock as collateral. Now his lenders are suing him

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

California passes landmark rent control law

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio