Extell Development

Extell sells commercial condo to Success Academy for $68M Deal may provide the company with fresh liquidity

From left: 555 10th Avenue, Eva Moskowitz and Gary Barnett

Gary Barnett s Extell Development, currently working to lock down financing for several of its high-profile condominium projects, has collected $67.7 million from the sale of a commercial condominium unit at its 555 10th Avenue rental tower.

Success Academy Charter Schools bought the 93,871-square-foot commercial space at the base of the 562,325-square-foot tower, according to public records filed with the city Wednesday.

The sale price equates to $721 per square foot.

The deal comes as Extell works to secure financing for its Central Park Tower project, at 217 West 57th Street. Earlier this week, the company secured a one-week extension on a $235 million land loan from Blackstone Group for the tower, according to public disclosures made to its 上海同城对对碰交友社区

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Israeli bondholders. Sources said the short-term of the extension may be an indication that Barnett is close to closing a financing deal.

Israeli investors have long pointed toward a prospective sale or refinancing of the 10th Avenue building as a potential source of new capital for Extell. The 52-story project comprises 478 luxury rental units and 30,000 square feet of爱上海龙凤419桑拿

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amenities, including a rooftop pool. It s slated to be fully occupied by the third quarter of 2017.

Success Academy, th爱上海同城论坛

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e controversial charter scho爱上海龙凤419桑拿

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ol network headed by Eva Moskowitz, operates 34 schools in the five boroughs, according to its website.

Extell declined to comment. Success did not immediately respond to requests for comment.

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