Bank of the Ozarks provided the debt
Gary Barnett’s Extell Development has acquired 32 West 48th Street in the Diamond District for $40 million, according to the NY Post. The developer also closed on several nearby buildings and transferable air rights, paving the way for a new hotel with retail stores.
Properties include… 30, 32, 36 and 38 West 48th Street and 25-27 West 47th Street. The new project will connect West 48th Street with 47th Street (the diamond block).
Financing breakdown: Extell signed a $63.8 million mortgage-spreader agreement with Bank of the Ozarks covering the six adjacent properties. The acquisition totaled $85 million.