WATCH: Behind Barnett’s big gamble on Central Park Tower

A discussion of <em>TRD</em>'s profile on the Extell giant

Back in 2008, Extell Development [TRDataCustom] founder and president Gary Barnett defied the laws of the recession; in the midst of a collapsed market, his One57 rose like a phoenix from the ashes. Now, he’s attempting to pull a similarly audacious trick: Just as the luxury condo market seems to be reaching saturation point, Barnett is trying to secure financing for two high-end residential projects — 1 Manhattan Square on the Lower East Side and Central Park Tower on Billionaires’ row.

There’s a nearly $200 million financing gap at 1MS and a $900 million construction loan to source for CPT (which would be one of the largest issued to a New York developer this cycle). And even if Barnett finds the money, there remains the question of where the buyers will come from.

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In order to report on Barnett and these two projects, The Real Deal‘s Katherine Clarke started by taking a dive into the Israeli bond market, and eventually sat down with the man himself. The resulting story, “Inside Gary Barnett’s game of real estate Tetris,” provides an in-depth look at the developer’s financing strategy.

“Extell has been historically a very opaque company to us,” said Clarke, adding that the stringent disclosure laws for Israeli public companies allowed her a detailed look at the inner workings of Barnett’s plan.

To see the interview with TRD’s Hiten Samtani, watch the video above.

For more videos, visit The Real Deal’s YouTube page.