Nationally acclaimed real estate development firm Extell Development Company has announced that they have closed on $530 million in financing for Brooklyn Point, the firm’s first development in Brooklyn and currently the tallest residential tower under construction in the borough. The financing package was comprised of a $425 million senior construction loan syndication led by M&T Bank and a $105 million mezzanine loan from RXR Realty.
“This transaction marks a significant milestone for our first development in Brooklyn. It is a testament to our excellent reputation with the lending and institutional investor communities as well as the level of confidence in Downtown Brooklyn,” said Gary Barnett, President and Founder of Extell Development Company. “Our firm is known for developing prime luxury real estate throughout the city with striking architecture, sophisticated interior design and extraordinary amenities. We are proud to bring this same level of quality and craftsmanship to Brooklyn.”
“We were overwhelmed with interest in the building as soon as we opened the doors to our sales gallery.” said Ari Alowan Goldstein, Senior Vice President at Extell Development Company. “Our strong sales velocity is an indicator of pent-up demand for high-quality ownership opportunities in this extremely desirable neighborhood. Moreover, Brooklyn Point's design, amenities, views, price point and tax-abatement make it truly unique."
Brooklyn Point is a 68-story, 720' tall skyscraper is designed by Kohn Pedersen Fox and features Katherine Newman Design (KND)-designed interiors. Brooklyn Point is located atop City Point, a 600,000 SF hub of prime dining, clothing and entertainment attractions. Sales launched in March 2018 offering a range of studio to 3-bedroom residences with pricing starting at $850,000 complete with a 25-year tax abatement. Construction on Brooklyn Point has now passed the 26th floor and is on pace to be completed in 2020. Extell Marketing Group is the exclusive sales and marketing firm for Brooklyn Point.
Brooklyn Point will offer a wide array of lifestyle amenities and services spanning over 40,000 SF inlcuding the highest residential rooftop infinity pool in the Western Hemisphere which will offer breathtaking views of the Manhattan skyline. Other amenities include a comprehensive health and wellness facility encompassing a saltwater swimming pool, a 35' rock climbing wall and yoga studio, sauna, and steam rooms. Social and entertainment amenities include the triple-height Park Lounge, featuring a signature bar, salon, fireplace and co-working space, as well as a chef’s demonstration kitchen, wine library, game lounge, screening and performance room, private study and children’s playroom. On the ninth floor, a landscaped terrace designed by award winning Mathews Nielsen Landscape Architects provides an outdoor oasis to residents, complete with putting green, fire pit, terrace bar and the Forest Adventure children’s playground.