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Extell sells $107M of shares in Manhattan, NY, condo development

Extell Development Co. is selling $107 million of preferred shares in the $4 billion Central Park Tower condominium project in Manhattan, N.Y., according to a report by The Real Deal, citing filings from the Tel Aviv Stock Exchange.

The company will dispose of six series B shares in its joint venture vehicle with Shanghai Municipal Investment to a group of investors, with the shares to be sold making up 17% of the vehicle's class B shares, not taking into account voting rights, the March 13 report noted.

The share sale will bring in $94 million of funding for the New York-based diversified property company's development of the 95-floor condominium project on the site. The development has received financing from various sources, including $400 million from retail giant Nordstrom Inc., which will open a seven-story flagship store at the base of the building.

Extell has a financial commitment to amass $500 million in apartment sales by December 2020 and will have to repay $300 million in a JPMorgan Chase principal by 2021, according to the financing conditions established, the report added.