Posted Aug 2, 2023, 3:54 AM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,900
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https://www.pincusco.com/south-korea...-midtown-west/
South Korea’s IGIS is new lender for Extell supertall site in Midtown West
August 1, 2023
Quote:
South Korea-based IGIS Asset Management through the entity IGIS USA LLC bought a note with an original principal of $185 million from JPMorgan Chase secured by Extell Development’s 13-parcel development site at 570 Fifth Avenue at the corner of 46th Street in Midtown West, Manhattan. Extell is expected to build a supertall skyscraper on the site.
The loan closed on July 10, 2023 and was recorded on July 31, 2023. The prior lender was JPMorgan Chase which held debt that had a most-recent loan amount of $185 million, which was down from a high of $340 million in 2019.
In June 2023, the Korean apparel manufacturing and investment firm Sae-A Trading Co. Ltd., through an LLC, filed to demolish 576 Fifth Avenue, a 57,352-square-foot office building at the corner of Fifth Avenue and 47th Street. It’s the only building on the west side of Fifth Avenue between 46th and 47th Street that developer Gary Barnett of Extell Development did not acquire in his 10-year assemblage of a potential supertall site.
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https://www.pincusco.com/korean-firm...ll-assemblage/
Korean firm plans demo of 576 Fifth Ave. adjacent to large Extell assemblage
June 8, 2023
Quote:
The Korean apparel manufacturing and investment firm Sae-A Trading Co. Ltd., through an LLC, filed to demolish 476 Fifth Avenue, a 57,352-square-foot office building at the corner of Fifth Avenue and 47th Street. It’s the only building on the west side of Fifth Avenue between 46th and 47th Street that developer Gary Barnett of Extell Development did not acquire in his 10-year assemblage of a potential supertall site.
The New York Post first identified the owner of the parcel as Sae-A Trading Co. Ltd. in an article published in February 2022. The firm bought the building in July 2021 for $101 million under the name SJD, LLC, and at the time the buyer’s true identity not disclosed.
In 2019, PincusCo reported that Barnett had bought out partners and obtained $440 million in debt for the assemblage.
The applicant, Jae Kim of Sae-A Trading America, declined to comment. Gary Barnett did not immediately respond to a request for comment.
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