Extell Development sells condo for $18.4M at Central Park Tower
Top Orange Profit LLC through the entity Top Orange Profit LLC paid $18.4 million to Extell Development through the entity Smitell LLC for residential unit 61E at Central Park Tower at 217 West 57th Street in Midtown West, Manhattan.
The deal closed on February 9, 2022 and was recorded on March 8, 2022.
The signatory for Extell Development was Caroline Berman. The signatory for Top Orange Profit LLC was Jing Qi Liu. This is for unit 61E.
The block
On this tax block, PincusCo has identified the owners of eight of the 104 commercial properties representing 1,582,314 square feet of the 5,694,167 square feet. The identified owner is Extell Development.
The majority, or 78 percent of the 2 million square feet of built space are residential elevator buildings, with office buildings next occupying 16 percent of the space.
The seller
The PincusCo database currently has identified 44 Extell Development commercial properties with 1,339,153 square feet and a city-determined market value of $264.6 million. There are additional properties PincusCo has not yet identified. (Market value is typically about 50% of actual value.) The portfolio has $3.6 billion in debt, with top three lenders as Blackstone Group, Prudential Credit Opportunities, and JPMorgan Chase respectively. Within the portfolio, the bulk, or 43 percent of the 1,339,153 square feet of built space are residential elevator properties, with hotel properties next occupying 21 percent of the space. They are all located in Manhattan.
Surrounding
Within a 400-foot radius of 217 West 57th Street, Pincusco identified 48 commercial real estate items of interests occurred over the past 24 months.
Of those 48 items, 47 were sales above $5 million totaling $2.2 billion. The most recent of the 47 was 220 Central Park South Real Estate Holding, LLC which bought one condo unit in the 2,455-square-foot, 117-unit condo building (R4) on 220 Central Park South for $14.8 million from Vornado Realty Trust on January 19, 2022.
One of those 48 items was a loan which Rockpoint Group borrowed $115 million from Morgan Stanley secured by the 124,782-square-foot, 95-unit office building (O6) on 894 7th Avenue on January 10, 2020.
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