Gary Barnett supersized his venture at 655 Madison Avenue, however wanted a financing bundle to match. Adi Chugh’s Tyko Capital delivered.
Extell Improvement landed $1.13 billion in building financing for its 74-story venture in Midtown Manhattan, the Industrial Observer reported. The deal, executed with out brokers, represents the most important building financing bundle in New York Metropolis this yr.
The financing closed on Monday. Tyko declined to remark to the Observer, whereas Extell didn’t return a request for remark.
Extell in July filed a rezoning software with the Division of Metropolis Planning for the location, doubling the variety of tales Barnett had in thoughts when the agency initially filed plans final fall.
The rezoning software described a 765,000-square-foot venture that will stand 1,162 toes tall and embrace 154 residential models. The residential house would span 476,000 sq. toes, whereas 233,000 sq. toes of economic house can be cut up between workplace and retail, largely the previous.
Barnett provided to enhance the Fifth Avenue/59th Road N/R/W subway station in trade for 130,000 sq. toes of house. Extell additionally desires to switch 135,000 sq. toes of growth rights from the Metropolitan Membership at 790 Fifth Avenue.
With out the rezoning, Extell was final contemplating a plan for a fair taller, 84-story property, although it could have much less residential and workplace house. That venture would span 600,000 sq. toes with 158 residential models, which may very well be adjusted in both route relying on unit dimension.
The estimated completion date can be in 2031.
Extell purchased the property between East sixtieth and East 61st streets final October for nearly $160 million from Williams Equities. The 24-story constructing was final renovated in 2005 and charged workplace rents between $54 and $66 per sq. foot, based on CoStar estimates.
Within the spring, luxurious trend model Chanel was reported to be in discussions to buy the retail house on the growth, doubtlessly paying within the mid-$400 tens of millions for the 65,000 sq. toes.
Learn extra
Gary Barnett doubles down at 655 Madison
Extell pays $160M for Midtown East office marked for demolition
Chanel eyes $450M retail deal at Extell’s 655 Madison
