Articles on Extell Developers

The Changing Face of the Lower East Side

The Lower East Side waterfront will experience a dramatic makeover in the coming decade.

The Wondrous 212 Fifth Avenue

212 Fifth Avenue rendering

Rendering of the top of 212 Fifth Avenue

In January, a joint endeavor between Madison Equities, Building and Land Technology (BLT) and Thor Equities received a $275 million construction loan to acquire and complete the gut renovation of 212 Fifth Avenue.

One Riverside Park Completes Riverside South Neighborhood

One Riverside Park

One Riverside Park, the last of the exclusively residential developments of the Riverside South site, is now open for sales. The Upper West Side luxury condominium brings 219 new units to the Hudson River waterfront.

A House Divided: The “Poor Door” Controversy in the Upper West Side

Poor Door Controversy on the Upper West Side

While it goes without saying that affordable housing is nearly impossible to find in Manhattan, especially with realty prices soaring, the development project at 40 Riverside Boulevard is offering mixed-income housing with luxury condos and affordable apartments in the same building. Among the 274 planned units of the 33-story building, 219 will be luxury condos on the upper floors facing the Hudson River while the remaining 55 units will be designated as affordable housing units with a designated separate entrance, that has become known as the controversial “poor door.” The site’s developer, Extell, has sparked a classist controversy and outrage for this plan to have income-segregated entrances. Extell plans for a mixed-income building due to the potential tax breaks it will receive through the 421a tax exemption program, yet the perceived separate-but-equal logic of the segregated entrances has produced considerable backlash against Extell.

Just Like the Building, Marketing for One57 Is Larger Than Life

One57, a new luxury condo tower in Manhattan's Central Park South neighborhoodExtell Developers knows that, with a massive project like One57, every last detail must exceed buyers expectations, which is why they’re sparing no expense in marketing a building that almost markets itself. Building a massively expensive 90-story condo tower during a time of deep economic uncertainty, even when the Manhattan condo market is strong and luxury condos are scarce, is a big risk for Extell, and they know it. A flood of hype has accompanied One57, but nothing is guaranteed, especially because One57 is still in the early stages of construction and isn’t due to open until 2013. Selling condos in yet-to-be-built buildings always requires an aggressive sales strategy, so with the global economy in a state of temporary equilibrium and foreign buyers itchy to purchase luxury apartments in Manhattan, Extell is pulling out all the stops in marketing One57. This innovative building now has an innovative marketing strategy to boot, and so far it’s appears to be paying dividends: According to Gary Barnett, the owner of Extell, 30% of the units in One57 are either in contract or have a contract out.