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Barnett refis Diamond District assemblage with $340M loan

Developer has strung together a baker’s dozen properties on the site

Extell CEO Gary Barnett and JPMorgan’s Jamie Dimon (Credit: Getty Images)
Extell CEO Gary Barnett and JPMorgan’s Jamie Dimon (Credit: Getty Images)

UPDATED, Feb. 7, 2020, 4:15 p.m.: Gary Barnett refinanced his big Diamond District assemblage with more than $300 million from JPMorgan Chase.

The bank lent Barnett’s Extell Development $340 million for a baker’s dozen of properties along Fifth Avenue and around West 46th and West 47th streets, property records filed with the city Friday show.

Extell and JPMorgan did not immediately respond to requests for comment. Pincus Co. first reported news of the financing.

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Barnett, who used to work in the diamond industry, has been assembling properties on the site. They sit across the street from another assemblage he has on West 48th Street, where as of late 2018 he was reportedly planning to build a hotel with “a few hundred keys.”

Elsewhere, Barnett is developing the 179-unit Central Park Tower on Billionaires’ Row. The project topped out in September.

Contact Rich Bockmann at rb@therealdeal.com or 212-673-5081.

Update: This story has been updated to include the full amount of the loan.

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Extell DevelopmentJPMorgan