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
New York Condo Market Snapshot
Boundary boundary · Condo · Loan transactions
Loading comparables…
Deal FAQ
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