trending Market Intelligence /marketintelligence/en/news-insights/trending/sU6_M_-Ca58VqEKlyhYqdg2 content esgSubNav
In This List

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

Video

S&P Capital IQ Pro | Powered by Expert Insights

Blog

Q&A: Streamlining Analytics for TCFD Reporting

Blog

Evergrande and the wider impact: a sentiment analytics based perspective

Blog

Insights Weekly: Midstream sector gains; loan growth momentum; insurance M&A on the rise


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.