Extell signs $21M refi with M&T Bank for three properties in Yorkville

Extell Development through the entity 220 East 86th Street Lp as borrower signed a refi loan with lender M&T Bank through the entity Manufactures And Traders Trust Company valued at $21 million for three properties with 58 residential units including the 42-unit residential elevator building (D6) at 220 East 86th Street in Yorkville, Manhattan, seven-unit residential elevator building (D6) at 304 East 86th Street in Yorkville, Manhattan, and nine-unit residential walkup building (C7) at 1656 2nd Avenue in Yorkville, Manhattan.
The deal closed on January 8, 2026 and was recorded on January 13, 2026. The prior lender was Santander Bank which held debt that had an original loan amount of $18.9 million.The three properties have 52,880 square feet of built space and 26,804 square feet of additional air rights for a total buildable of 78,890 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $397 and the price per buildable square foot is $266 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 M&T Bank was Matthew Stabel . Extell bought the three buildings in 2020 for $21 million, as part of a $35.5 million purchase from Bremen House. It was not known at the time that Extell was the buyer. Extell sold the fourth parcel, which it purchased for $14.5 million in that 2020 deal, for $50 million in February 2025 to developer Chess Builders.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 220 East 86th Street.

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes Trudy Swaby, head officer and Elvin Blanco, site manager. The business entity is 220 East 86th Street Lp. Out of the three properties, two with a total of 52,880 square feet of built space generated revenue of $2.7 million per year.

The property

The residential elevator building with 42 residential units in Yorkville has 52,880 square feet of built space and 26,804 square feet of additional air rights for a total buildable of 78,890 square feet according to a PincusCo analysis of city data. The parcel has frontage of 41 feet and is 204 feet deep with a total lot size of 9,450 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $11.5 million. The property has 13 rent regulated units according to city tax records from 2024.

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 $14,055 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 block

On the tax block of 220 East 86th Street, PincusCo has identified the owners of eight of the 13 commercial properties representing 556,577 square feet of the 651,096 square feet. The largest owner is Rose Associates, followed by Nuveen Real Estate and then Caiola Family.
There are no active new building construction projects on this tax block.

The majority, or 68 percent of the 651,096 square feet of built space are elevator buildings, with office buildings next occupying 11 percent of the space.

The borrower

The PincusCo database currently indicates that Extell Development owned at least 64 commercial properties with 693 residential units in New York City with 2,798,618 square feet and a city-determined market value of $809.5 million. (Market value is typically about 50% of actual value.) The portfolio has $7.6 billion in debt, with top three lenders as Guggenheim Partners, Blackstone Group, and JVP Management respectively. Within the portfolio, the bulk, or 38 percent of the 2,798,618 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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