Extell signs $44M refi with Ladder Capital Finance for UWS ground-leased fee

Gary Barnett’s Extell Development through the entity 17 West 60th Street Holder LLC as borrower signed a refi loan with lender Ladder Capital Finance through the entity Ladder Capital Finance LLC valued at $44 million for the industrial (W4) at 17 West 60th Street in Upper West Side, Manhattan.
The deal closed on October 14, 2021 and was recorded on November 3, 2021.
The property has 76,511 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $575 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 owner bought the property on January 13, 2014, for $30 million.
The signatory for Extell Development was Marc Kwestel. The signatory for Ladder Capital Finance was David Traitel.

Extell as landlord this year recorded a 99-year ground lease valued at $49.5 million with the tenant Shefa School for the property.

Within a 400-foot radius of 17 West 60th Street, PincusCo identified eight commercial real estate items of interests occurred over the past 24 months.
Of those eight items, one was in new building development. It was a new building permit issued on March 26, 2021 for a 173,561-square-foot R-2 building with 123 residential units at 7 West 60th Street.
Of those eight items, five were sales above $5 million totaling $81.7 million. The most recent of the five was schunior llc which bought two condo units in the 47-square-foot, 342-unit mixed-use building (RM) on 1 Central Park West and one other property for $12.7 million from michelle allen jacobs on October 1, 2021.
Of those eight items, two were loans above $5 million totaling $150.0 million. The most recent of the two was Global Holdings Management Group which borrowed $75.0 million from Wells Fargo secured by the 129,090-square-foot, 110-unit office building (O6) on 1841 Broadway on October 4, 2021.

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