Barnett refis Diamond District assemblage with $340M loan

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

Feb.February 07, 2020 12:23 PM
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.

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 [email protected] or 212-673-5081.

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

Related Articles

One Manhattan Square Extell Development CEO Gary Barnett (Credit: Curbed NY)

Extell lands $690M refinancing package for One Manhattan Square

Clockwise from the top: 500 East 30th Street, 1 Ellis Street and 2555 Broadway (Credit: Google Maps)

NYC’s 10 biggest new real estate projects

One Manhattan Square’s adult treehouse (Credit: Extell)

Check out Gary Barnett’s “Adult treehouse” at One Manhattan Square

Gary Barnett and an aerial view of 2551 Broadway (Credit: Google Maps)

Extell proposes UWS mixed-use tower after completing assemblage

JPMorgan's Jamie Dimon and 125 West 55th Street (Credit: Getty Images, Google Maps)

JPMorgan looks to sell Plaza District office building for $550M

Renderings of Central Park Tower (Credit: Extell)

Inside Extell’s private club for the 0.1%

Gary Barnett

Quantifying the rise and fall of NYC’s condo market

50 West 66th Street and Extell Development CEO Gary Barnett (Credit: Binyan Studios via Curbed NY)

Extell accuses City Club of reneging on settlement over UWS tower