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Secures $425M with M&T Bank and $105M with RXR for First Extell Development in Brooklyn
BROOKLYN, N.Y., July 31, 2018 /PRNewswire/ -- Nationally acclaimed real estate development firm Extell Development Company announced today that the company has closed on $530 million in financing for Brooklyn Point, the firm's first development in Brooklyn and currently the tallest residential tower under construction in the borough. Located in Downtown Brooklyn, the 720-foot-tall architectural skyscraper will be the first and only for-sale development at City Point, Brooklyn's largest food, shopping and entertainment destination.
The financing package was comprised of a $425 million senior construction loan syndication led by M&T Bank and a $105 million mezzanine loan from RXR Realty.
"This transaction marks a significant milestone for our first development in Brooklyn. It is a testament to our excellent reputation with the lending and institutional investor communities as well as the level of confidence in Downtown Brooklyn," said Gary Barnett, President and Founder of Extell Development Company. "Our firm is known for developing prime luxury real estate throughout the city with striking architecture, sophisticated interior design and extraordinary amenities. We are proud to bring this same level of quality and craftsmanship to Brooklyn."
Sales for the luxury tower launched at the end of March with an offering of studio to three bedroom apartments. Construction has progressed rapidly, recently reaching the 26th floor. The building will top out at 68 stories with construction slated for completion in 2020.
"We were overwhelmed with interest in the building as soon as we opened the doors to our sales gallery," said Ari Alowan Goldstein, Senior Vice President at Extell Development Company. "Our strong sales velocity is an indicator of pent-up demand for high-quality ownership opportunities in this extremely desirable neighborhood. Moreover, Brooklyn Point's design, amenities, views, price point and tax-abatement make it truly unique."
Designed by world-renowned architectural firm Kohn Pedersen Fox (KPF), with interiors by AD100 Designer Katherine Newman, the building will offer an array of lifestyle amenities and services spanning over 40,000 square feet. At its crown, the highest residential rooftop infinity pool in the Western Hemisphere will be situated 68 stories above the streets below, offering breathtaking views of the Manhattan skyline.
The building's amenities package will feature a health and wellness facility encompassing a saltwater swimming pool, a 35-foot rock climbing wall and yoga studio, sauna, and steam rooms. Social and entertainment amenities include the triple-height Park Lounge, featuring a bar, fireplace and co-working space, as well as a chef's demonstration kitchen, wine library, game lounge, screening and performance room, study and children's playroom. On the ninth floor, a landscaped terrace designed by Mathews Nielsen Landscape Architects provides an oasis to residents, complete with putting green, fire pit, terrace bar and the Forest Adventure children's playground.
Brooklyn Point will be located atop City Point, a 600,000 square-foot hub of prime dining, clothing and entertainment attractions. City Point is home to a Trader Joe's market, Target, Century 21, Alamo Drafthouse movie theater, and DeKalb Market Hall, an epicurean food hall with over 40 vendors, including Katz' Deli, Ample Hills Creamery, Pierogi Boys and more. Only one stop from Manhattan, residents will also have a variety of convenient transportation options including 11 subway lines within minutes of the building.
Extell Marketing Group is the exclusive sales and marketing firm for Brooklyn Point. Pricing for studio to three-bedroom residences start at $850,000 and purchasers will benefit from a 25-year tax abatement resulting in total carrying costs starting at only $655 per month. The Sales and Design Gallery is located at 384 Bridge Street. For sales information, please call 718-222-5770 or visit www.BrooklynPointNYC.com.
About Extell
Extell Development Company is a nationally acclaimed real estate developer of residential, commercial, retail, hospitality and mixed-use properties, operating primarily in Manhattan and other premier cities across the nation. In collaboration with world-class architects and design professionals, Extell creates properties distinguished by sophisticated design, gracious floor plans and first-class amenities.
Current projects under development include the tallest residential tower in the Western Hemisphere, Central Park Tower; and the condominium in Lower Manhattan, One Manhattan Square, offering breathtaking water and city views and over 100,000 square feet of amenities; 70 Charlton, the first luxury residential development located in Hudson Square; and The Kent at 200 East 95th Street, a building that pays homage to some of New York City's Art Deco structures. Extell has also restored and updated a number of classics in landmark neighborhoods, including the former Stanhope Hotel at 995 Fifth Avenue and The Belnord, a landmark building on the Upper West Side. Please visit extell.com for more information.
About M&T BANK
M&T Bank Corporation (NYSE: MTB) is a financial holding company headquartered in Buffalo, New York. M&T's principal banking subsidiary, M&T Bank, operates banking offices in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia and the District of Columbia. Trust-related services are provided by M&T's Wilmington Trust-affiliated companies and by M&T Bank.
About RXR Realty
RXR Realty LLC ("RXR") is a New York-based, approximately 500-person, vertically integrated real estate operating and development company with expertise in a wide array of value creation activities, including distressed investments, uncovering value in complex transactions, structured finance investments and real estate development. RXR's core growth strategy is focused on New York City and the surrounding region. As of March 31, 2018, the RXR operating platform managed 73 commercial real estate properties and investments with an aggregate gross asset value of approximately $17.9 billion, comprising approximately 23.4 million square feet of commercial operating properties and control of development rights for approximately 6,000 multi-family and for sale units in the New York Metropolitan area. Gross asset value compiled by RXR Realty in accordance with company fair value measurement policy and is comprised of capital invested by RXR and its partners, as well as leverage. For information about RXR, visit www.rxrrealty.com.
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