Landesbank Hessen-Thüringen is the debt behind Gary Barnett’s latest assemblage play, records filed with the city Thursday show.
The German bank, also known as Helaba, provided $118.2 million in financing to Barnett’s Extell Development for a 10-lot site on the Upper East Side where Barnett plans a future luxury residential tower, potentially with a school at its base.
The lots lie along First Avenue between 79th and 80th streets. The loan is intended to back the purchase of the lots and development rights.
The sponsor on the public filing is Martin Hollander’s Marin Management, who also served as a shield for two of the building purchases.
In March, The Real Deal reported that Extell had completed the assemblage and was considering the purchase of additional air rights for a new development at the site. The company can build up to 250,000 square feet without the extra rights, however.
Last fall, Extell scooped up $200 million in air rights for a tower at 50 West 66th Street on the Upper West Side. The deals allow the developer to build a 775-foot-tall tower, the largest in that neighborhood.