Extell Development Company

Extell Development Company
Privately held company
Industry Real estate development
Founded 1989 (1989)
Founder Gary Barnett
Headquarters New York City, United States
Number of employees
 150
Website extelldev.com

Extell Development Company is a New York-based company that develops and invests in real estate.

Investments

The company’s portfolio exceeds 20 million square feet. Notable properties owned by the company are:

History

The company was founded in 1989 by Gary Barnett.

In 2010, the company received approval to construct Riverside South, Manhattan, a 3.1-million-square-foot mixed-use project on the Upper West Side.[1]

In February 2013, the company was the most active builder in Manhattan, with at least 11 active projects totaling 5.7 million square feet.[2][3]

In August 2013, the company was criticized for building separate entrances for rich tenants and poor tenants in its Manhattan high-rise buildings.[4]

In October 2013, the company agreed to acquire the Ring Portfolio, comprising 14 properties totaling more than 1 million square feet in New York City.[5]

In June 2015, the company acquired 25 West 47th Street for $15.4 million.[6]

In August 2016, the company formed a joint venture with Shanghai Municipal Investment Group to build a $3 billion 95-story luxury condominium tower next to Central Park.[7]

In August 2016, the company sold 134 West 58th Street to S.W. Management for $61.5 million.[8]

In December 2016, the company acquired The Four Seasons Resort and Residence in Vail for $121 million.[9]

In January 2017, the company received a $143 million loan from Bank of the Ozarks to refinance one of its Midtown properties.[10]

In May 2017, the company sold a redevelopment site in Manhattan to Rockefeller Group in a transaction brokered by Eastern Consolidated.[11]

References

  1. ↑ Drummer, Randyl (December 27, 2010). "Extell's Riverside Center Project Clears Hurdle". CoStar Group.
  2. ↑ Pincus, Adam (February 1, 2013). "Barnett's big buildout". The Real Deal.
  3. ↑ Pincus, Adam (March 20, 2013). "Extell set to grow Midtown East site". The Real Deal.
  4. ↑ Briquelet, Kate (August 18, 2013). "Upper West Side condo has separate entrances for rich and poor". New York Post.
  5. ↑ Sumner, Justin (October 11, 2013). "Extell Development Reaches Agreement on Ring Portfolio Purchase". CoStar Group.
  6. ↑ ELKIES SCHRAM, LAUREN (June 11, 2015). "Extell Buys Diamond District Building for $15.4M". Commercial Observer.
  7. ↑ Drummer, Randyl (August 15, 2016). "Extell Taps Shanghai Firm to Finance $3 Billion Central Park Tower". CoStar Group.
  8. ↑ LA GUERRE, LIAM (August 8, 2016). "Extell Abandons Development Plans, Sells Midtown Site for $62M". Commercial Observer.
  9. ↑ Miller, Ben (December 1, 2016). "High-class Vail resort sells to N.Y.C. firm for $121 million (or $903,000 per room)". American City Business Journals.
  10. ↑ Putzier, Konrad (January 11, 2017). "Extell lands $143M Bank of the Ozarks refi for Midtown project". The Real Deal.
  11. ↑ Sumner, Justin (May 9, 2017). "Rockefeller Group Closes on $100M NoMad Assemblage". CoStar Group.
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