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Extell Development buys out partners in Midtown Manhattan, NY, real estate

Extell Development Co. acquired the respective stakes owned by partners Meridian Capital Ltd. and SL Green Realty Corp. in a 13-parcel assemblage in Midtown Manhattan, N.Y., PincusCo reported, citing city records and a source with knowledge of the transaction.

The real estate developer purchased Meridian's 61.91% interest in the assemblage, which stretches between 46th Street and 47th Street, at a valuation of $263.7 million, according to city records. It also bought out SL Green's stake in 562 Fifth Ave. for $52.4 million.

Extell, which is likely to use the space for an office project, funded the transactions with a $440 million debt package, according to the report.

Extell's Gary Barnett and Meridian did not immediately answer requests for comment sent by the news outlet.