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Podolsky Brothers Hold Out at Upper East Side Extell Site
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Sail Harbor Capital and the hedge fund Baupost Group provided the financing, according to a source familiar with the loan. The loan carries an interest rate of 14 percent and matures at the end of this year with options to extend for another 18 months, according to the TASE filings.
A Cushman & Wakefield team of Adam Spies, Doug Harmon and Adam Doneger arranged the debt.
Barnett and the Cushman team could not be immediately reached for comment.
With a projected sellout of $4 billion, Central Park Tower, at 217 West 57th Street, is the most expensive condominium project ever developed in New York City. Barnett secured $1.1 billion in financing for the project in early 2018, including a $900 million construction loan led by JPMorgan Chase.