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50 West 66th Street

Updated Dec 4, 2024

Bilt advertisement
Extell Development Secures $1.2B Refinance Loan For Central Park Tower
FINANCEDCondo

Extell Development Secures $1.2B Refinance Loan For Central Park Tower

50 West 66th Street

$1,200,000,000

Building Size

Asset Type

Condo

Closing

Jul 9, 2024

About this deal

AI

The property involved is a condominium located at 50 West 66th Street in Lincoln Square, Manhattan. The asset, known as Central Park Tower, is marketed as the world's tallest residential building. It is currently 50% sold, with residential units starting at $4.6 million.

Summary of transaction details:

  • Property Type: Condo
  • Transaction Amount: $1,200,000,000
  • Lender: Anthony Shaskus - JVP Management
  • Landlord: Gary Barnett - Extell Development

Extell Development, led by Gary Barnett, secured a $1.2 billion loan from JVP Management to refinance Central Park Tower. Despite legal challenges, the skyscraper has achieved significant sales success, with half of its units already sold at prices starting from $4.6 million.

Players

JVP Management
JVP ManagementLender

New York Condo Market Snapshot

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.01%

Cash-on-Cash

-0.00%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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