Acquisitions
Extell buys 32 West 48th Street
Published on
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.
