Gary Barnett’s Extell refinances UWS luxury tower for $1.2B

Bank OZK transfers $840M in debt to JVP Management

Extell Refinances Central Park Tower For $1.2B

A photo illustration of Extell Development’s Gary Barnett along with 50 West 66th Street (Getty, Extell Development)

Extell Development’s Central Park Tower has secured a $1.2 billion loan from JVP Management to refinance 50 West 66th Street, Commercial Observer reported. 

Two years ago, Extell’s Gary Barnett secured $800 million in construction financing from Bank OZK, along with a $207 million mezzanine loan from JVP Management. Now, a significant portion (at least $840 million) of that loan was transferred to JVP Management. 

All in, the package amounts to $1.2 billion with mezzanine financing and a future funding component, a source told the Observer.

Principal Anthony Shaskus for JVP Management and Extell’s executive vice president of finance Mark Kwestel signed the deal. No broker is associated with the deal.

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The Real Deal previously reported in January that the 1,500-foot-tall skyscraper was marketed as the tallest residential building in the world.  The building is glass-enclosed and has close to 570,000 square feet of built space. Twenty-four units closed last year, topping Manhattan luxury contracts at $4,620 per square foot. Construction topped out last month and Extell says 50 percent of the condo units are sold, with the lowest closing at $4.6 million.

The project garnered resistance in recent years from local Upper West Side residents. 

The nonprofit City Club of New York sued in 2019 to halt construction, citing zoning violations and safety concerns. After two years of court proceedings, including an appeal in 2021, Extell won the right to complete the project.

— Christina Previte

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