Extell Development signs $217M refi with Bank of America for 243 units at One Manhattan in Two Bridges

Extell Development through the entity CPS Fee Company II LLC as borrower signed a refi loan with lender Bank of America valued at $217 million for 242 unsold residential condo units and the garage unit, at the 815-unit One Manhattan Square at 252 South Street in Two Bridges neighborhood of Manhattan.
The deal closed on November 8, 2022 and was recorded on December 12, 2022. The prior lender was Forethought Life Insurance Company which held debt that had an original loan amount of $227.4 million. The 243 properties have 295,871 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $733 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Extell Development was Marc Kwestel. The signatory for Bank of America was Christine Trotter. This is for 242 unsold condo units and the garage unit.

At the same time, Extell signed a loan with lender Athene Annuity And Life Company valued at $49.4 million for 113 unsold condo units at the building, replacing the same amount of debt previously held by Forethought Life Insurance Company.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have not received any significant violations in the last year.

Development

=On the tax lot, the most recent condominium plan was filed by CPS FEE COMPANY LLC to create 815 residential units and 1 commercial units in a building at 1 Manhattan Square in Lower East Side, Manhattan, called Tower Units At One Manhattan Square that has a $1.9 billion sellout, according to an June 15, 2015 submission to the New York State Attorney General.The principal of the sponsor, CPS FEE COMPANY LLC, was Gary Barnett.

The block

On the tax block of 252 South Street, PincusCo has identified the owners of two of the six commercial properties representing 128,766 square feet of the 1,415,760 square feet. The two identified owners are Two Bridges Neighborhood Council and Extell Development.

The majority, or 97 percent of the 355,704 square feet of built space are elevator buildings, with retail buildings next occupying 3 percent of the space.

The borrower

The PincusCo database currently indicates that Extell Development owned at least 90 commercial properties in New York City with 4,398,752 square feet and a city-determined market value of $1.3 billion. (Market value is typically about 50% of actual value.) The portfolio has $5.1 billion in debt, with top three lenders as Guggenheim Partners, Blackstone Group, and Prudential Credit Opportunities respectively. Within the portfolio, the bulk, or 29 percent of the 4,398,752 square feet of built space are rental condo properties, with specialty properties next occupying 25 percent of the space. The bulk, or 97 percent of the built space, is in Manhattan, with Brooklyn next at 3 percent of the space.

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