Extell Acquires Seven Hell’s Kitchen Properties For $57.7 Million With Centennial Bank Loan

A development site located at 616 West 46th Street, 604 West 46th Street & 617 11th Avenue in Hell’s Kitchen, Manhattan has been involved in a significant transaction. The site has a total built space of 116,458 square feet and air rights totaling 199,715 square feet. The acquisition was financed through a loan amount of $57,700,000, obtained at a price of $495 per built square foot and $191 per buildable square foot.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $57,700,000
• Loan Type: Acquisition
• Asset Size: 301,220 BSF
• Market: Hell’s Kitchen, Manhattan
• Lender: Centennial Bank
• Landlord: Gary Barnett - Extell

This acquisition involved Extell Development through Clinton PB Holdings I LLC. The transaction reflects a strategic expansion by Extell, positioning them to capitalize on the air rights associated with the properties acquired.