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Extell inks $260 million in condo contracts during Q1

One57 (Credit: William Edwards / Getty Images)

Two contracts were signed at One57 in the first quarter of 2021, according to a report filed with the Tel Aviv Stock Exchange. That brings the project that ushered in Billionaire’s Row to 90% sold, The Real Deal reported. Extell also provided an update on sales velocity at their other condo developments in Q1, which includes both signed contracts and pending ones:

  • Central Park Tower: There were 15 deals at the project where Extell recently secured $380 million in mezzanine financing.
  • Brooklyn Point: Twenty contracts were signed at Brooklyn Point. Ryan Serhant is handling marketing at the project. He will be featured in our Inside the Boardroom series next week.
  • One Manhattan Square: 10 contracts were inked at the Lower East Side project.
  • Lofts at Pier Village at the Jersey Shore: Eight contracts at Lofts at Pier Village at the Jersey Shore.

Market is heating up: Extell also disclosed in the filing that it expects $250 million worth of contracts to be signed in April alone, $210 million of which would be at projects for which the developer issued Israeli bonds. The company attributed that uptick to New Yorkers returning to the city, a “rapid vaccination campaign” and price adjustments, TRD noted.

Worth Noting: Extell’s Gary Barnett pointed to The Kent, an 83-unit condo on the Upper East Side, where the developer is giving prospective buyers a 20% discount off select apartments. Barnett said there’s only one unsold unit at 1010 Park Avenue.

Be Smart: Extell recently sold a 42% stake in its portfolio of Manhattan luxury rentals to RXR Realty in a deal valued at roughly $800 million. The transaction included 555 Tenth Avenue (AKA 555TEN) and 510 East 14th Street (AKA EVGB). [TRD+FT]

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