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2 West 47th Street

Updated Dec 4, 2024

Extell Development Secures $340M Refinance Loan In Midtown West Manhattan
FINANCEDDevelopment Site

Extell Development Secures $340M Refinance Loan In Midtown West Manhattan

2 West 47th Street, 10 West 47th Street & 562 5th Avenue

$340,000,000

$589/SF

Building Size

192,317 SF

Asset Type

Development Site

Closing

Jun 28, 2024

About this deal

AI

The development site in Midtown West, Manhattan, comprising 13 parcels including 2 West 47th Street, 10 West 47th Street, and 562 5th Avenue, has a total square footage of 192,317 and a buildable square footage of 435,070. The property was subject to a $340 million refinance loan secured by Marc Kwestel of Extell Development from lender Nawoo Lee of IGIS Asset Management.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $340,000,000
  • Landlord: Marc Kwestel - Extell Development
  • Lender: Nawoo Lee - IGIS Asset Management
  • Representative: 46/47 Owner LLC
  • Facilitated by: IGIS USA LLP

The refinance loan worth $340 million for the development parcels was facilitated by IGIS USA LLP on behalf of IGIS Asset Management, for properties located in Midtown West, Manhattan. Extell Development, represented by 46/47 Owner LLC, acted as the borrower in this transaction, securing the refinancing from lender Nawoo Lee of IGIS Asset Management.

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$340,000,000

$589/SF

Development Site

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Players

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IGIS Asset ManagementLender
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New York Development Site Market Snapshot

Boundary boundary · Development Site · Loan transactions

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Deal FAQ

About $589 per square foot on a published $340M for 576,951 square feet (2024).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.05%

Cash-on-Cash

-0.01%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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