Extell Development Company

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Extell Development Company
Privately held company
Industry Real estate development
Founded 1989; 29 years ago (1989)
Founder Gary Barnett
Headquarters New York City, United States
Number of employees
150
Website extelldev.com

Extell Development Company is a New York-based company that develops and invests in real estate.

Investments[edit]

The company’s portfolio exceeds 20 million square feet. Notable properties owned by the company are:

History[edit]

The company was founded in 1989 by Gary Barnett.

In 2010, the company received approval to construct Riverside South, Manhattan, a 3.1-million-square-foot mixed-use project on the Upper West Side.[1]

In February 2013, the company was the most active builder in Manhattan, with at least 11 active projects totaling 5.7 million square feet.[2][3]

In August 2013, the company was criticized for building separate entrances for rich tenants and poor tenants in its Manhattan high-rise buildings.[4]

In October 2013, the company agreed to acquire the Ring Portfolio, comprising 14 properties totaling more than 1 million square feet in New York City.[5]

In June 2015, the company acquired 25 West 47th Street for $15.4 million.[6]

In August 2016, the company formed a joint venture with Shanghai Municipal Investment Group to build a $3 billion 95-story luxury condominium tower next to Central Park.[7]

In August 2016, the company sold 134 West 58th Street to S.W. Management for $61.5 million.[8]

In December 2016, the company acquired The Four Seasons Resort and Residence in Vail for $121 million.[9]

In January 2017, the company received a $143 million loan from Bank of the Ozarks to refinance one of its Midtown properties.[10]

In May 2017, the company sold a redevelopment site in Manhattan to Rockefeller Group in a transaction brokered by Eastern Consolidated.[11]

References[edit]

  1. ^ Drummer, Randyl (December 27, 2010). "Extell's Riverside Center Project Clears Hurdle". CoStar Group.
  2. ^ Pincus, Adam (February 1, 2013). "Barnett's big buildout". The Real Deal.
  3. ^ Pincus, Adam (March 20, 2013). "Extell set to grow Midtown East site". The Real Deal.
  4. ^ Briquelet, Kate (August 18, 2013). "Upper West Side condo has separate entrances for rich and poor". New York Post.
  5. ^ Sumner, Justin (October 11, 2013). "Extell Development Reaches Agreement on Ring Portfolio Purchase". CoStar Group.
  6. ^ ELKIES SCHRAM, LAUREN (June 11, 2015). "Extell Buys Diamond District Building for $15.4M". Commercial Observer.
  7. ^ Drummer, Randyl (August 15, 2016). "Extell Taps Shanghai Firm to Finance $3 Billion Central Park Tower". CoStar Group.
  8. ^ LA GUERRE, LIAM (August 8, 2016). "Extell Abandons Development Plans, Sells Midtown Site for $62M". Commercial Observer.
  9. ^ Miller, Ben (December 1, 2016). "High-class Vail resort sells to N.Y.C. firm for $121 million (or $903,000 per room)". American City Business Journals.
  10. ^ Putzier, Konrad (January 11, 2017). "Extell lands $143M Bank of the Ozarks refi for Midtown project". The Real Deal.
  11. ^ Sumner, Justin (May 9, 2017). "Rockefeller Group Closes on $100M NoMad Assemblage". CoStar Group.