Extell formally acquires bankrupt Hell’s Kitchen dev site, signs $57.7M loan with Centennial Bank

Extell Development through the entity Clinton PB Holdings I LLC took title to seven parcels that make up a development site, and at the same time as borrower signed an acquisition loan with lender Centennial Bank valued at $57.7 million for the seven properties including the mixed-use building (K4) at 616 West 46th Street in Hell’s Kitchen, Manhattan, industrial building (G9) at 604 West 46th Street in Hell’s Kitchen, Manhattan, and industrial building (E9) at 617 11th Avenue in Hell’s Kitchen, Manhattan.
The transfers and the loan closed on February 5, 2026 and were recorded on March 11, 2026. The seven properties have 116,458 square feet of built space and 199,715 square feet of additional air rights for a total buildable of 301,220 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $495 and the price per buildable square foot is $191 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 properties were transferred for no consideration.
The signatory for Extell Development was Marc Kwestel . This loan is evidence of Extell taking title to the properties following the bankruptcy of Robert Gans. Extell, Bluestone Group and Princeton Real Estate Partners owned the defaulted Robert Gans debt when Gans filed for bankruptcy.

Prior sales, articles and revenue

Out of the seven properties, three with a total of 116,458 square feet of built space generated revenue of $4.3 million per year.

The property

The retail building in Hell’s Kitchen has 116,458 square feet of built space and 199,715 square feet of additional air rights for a total buildable of 301,220 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 75 feet deep with a total lot size of 5,646 square feet. The lot is irregular. The zoning is M2-4 which allows for up to 5 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $13.5 million. Centennial Bank on February 5, 2026 bought a loan with an original principal of price not available from prior lender signed by prior lender signatory, secured by 603 West 45th Street, 616 West 46th Street, 604 West 46th Street, 617 11th Avenue, 613 11th Avenue, 623 11th Avenue, and 605 West 45th Street, when owned by Extell Development .

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received five DOB violations, $2,400 in ECB penalties, and $20,830 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Hell’s Kitchen, The bulk, or 39 percent of the 40.8 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 18 percent of the space. In sales, Hell’s Kitchen has the 10th highest sale turnover among other neighborhoods in the city with $1.4 billion in sales volume in the last two years. For development, Hell’s Kitchen has 1.2 times the average amount of major developments relative to other neighborhoods and is the 21st highest in Manhattan. It had 1.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space. There were 23 pre-foreclosure suit filed among other retail buildings in the past 12 months.

The block

On the tax block of 603 West 45th Street, PincusCo has identified the owners of seven of the eight commercial properties representing 116,458 square feet of the 116,458 square feet. The largest owner is Bluestone Group, followed by Extell Development and then Robert Gans.
There are no active new building construction projects on this tax block.

The majority, or 50 percent of the 116,458 square feet of built space are mixed-use buildings, with industrial buildings next occupying 38 percent of the space.

The borrower

The PincusCo database currently indicates that Extell Development owned at least 68 commercial properties with 751 residential units in New York City with 2,946,878 square feet and a city-determined market value of $845.5 million. (Market value is typically about 50% of actual value.) The portfolio has $7.7 billion in debt, with top three lenders as Guggenheim Partners, Blackstone Group, and JVP Management respectively. Within the portfolio, the bulk, or 36 percent of the 2,946,878 square feet of built space are specialty properties, with elevator properties next occupying 21 percent of the space. They are all located in Manhattan.

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