Extell Development obtained financing of $114M from Deutsche Bank

Extell Development through the entity 23 West 24Th Street Owner LLC as borrower signed a loan agreement with lender Deutsche Bank Ag, New York Branch valued at $113.8 million for 3 parcels, including the tax class training schools (W4) and containing 3 residential units at 17 West 60 Street, 23 West 24 Street, 25 West 24 Street in Lincoln Square. The deal closed on May 08, 2019 and was recorded on July 30, 2019.
The property contains a total of 125,926 square feet of built space. The property has 35,976 square feet of available development rights.
The average loan per buildable square foot is $904.
The last time the property sold was January 13, 2014, for $30,000,000.

Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel. There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $767,704.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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