Extell Development Company

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

Extell Development Company
Privately held company
IndustryReal estate development
Founded1989 (1989)
FounderGary Barnett
Headquarters
New York City
,
United States
Number of employees
150
Websiteextell.com

Investments

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

History

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.[11]

In July 2020, Extell Construction Corporation has taken in a developer to help build their notorious skyscraper 50 West 66th Street. The firm has confirmed that it has reached a joint partnership deal with Central Park West and Columbus Avenue with Tennor Holding B.V., a multinational investment holding company owned by German billionaire Lars Windhorst to co-develop the Upper West Side luxury 775 ft. tower.[12]

References
  1. Agovino, Theresa (December 19, 2010). "City Council approves Extell's Riverside Center". Crain Communications.
  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. Samtani, Hiteni (October 21, 2014). "Gary Barnett reveals how he won the Ring portfolio". The Real Deal.
  6. ELKIES SCHRAM, LAUREN (June 11, 2015). "Extell Buys Diamond District Building for $15.4M". Commercial Observer.
  7. "Extell Development Company And SMI USA Announce Joint Venture For Central Park Tower" (Press release). PR Newswire. August 11, 2016.
  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. GEIGER, DANIEL (May 3, 2017). "Rockefeller Group to buy NoMad development site". Crain Communications.
  12. "Extell partners with German investor on Upper West Side's tallest tower". Real Estate Weekly. 13 July 2020. Retrieved 3 August 2020.
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