Updated Jul 16, 2025
Extell Development Secures $175M Construction Loan For Development Project At 1522 First Avenue In Yorkville, Manhattan
1522 1st Avenue
$175,000,000
Building Size
—
Asset Type
Development Site
Closing
Nov 13, 2023
About this deal
AI
Extell Development, represented by UES Commercial LLC, has secured a $175 million construction loan from Cain International Agent Limited for the development project at 1522 First Avenue in Yorkville, Manhattan. The development site has a building square footage (BSF) of 322,838 and is located in the Yorkville market of Manhattan.
Summary of transation details
- Property Type: Development Site
- Transaction Amount: $175,000,000
- Lender: Jonathan Goldstein - Cain International
- Landlord: Marc Kwestel - Extell Development
The loan, provided by Jonathan Goldstein of Cain International, will support the construction of the development project at 1522 First Avenue. Marc Kwestel, the landlord and representative of Extell Development, is overseeing the project.
On the Map
$175,000,000
Development Site
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.09%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93