BROOKLYN, N.Y., July 30, 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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SOURCE Extell Development Company