M&T has provided Extell Development with a $113m loan for the redevelopment of a swath of properties located just west of Times Square on West 47th Street in Manhattan, Real Estate Capital has learned based on city property records.
Gary Barnett’s Extell has spent the last year amassing the various adjacent parcels which make up the development site, paying a reported $74m for a 14-story office building at 10 West 47th Street and $56m for the National Jewelry Exchange Building at 2 West 47th Street.
Barnett is said to be planning a hotel at the site, which spans the 2 and 10 West 47th Street addresses as well as 3-13 West 47th Street.
Extell, founded and headed by Barnett, develops all major property types primarily in Manhattan and a few choice cities elsewhere in the country.
Notably, the developer built One57, a soaring 90-story glass residential tower that also houses the Park Hyatt at 157 West 57th Street, just south of Central Park.