Extell sells $107M in shares at its $4B Central Park Tower condo project

Gary Barnett’s Extell Development sold $107 million worth of preferred shares in the $4 billion Central Park Tower development, according to documents filed with the Tel Aviv Stock Exchange on Monday. The deal will provide $94 million of cashflow for the development of the 95-story condominium tower. According to the terms of the deal, Extell[…]

Zillow revenue tops $1B in 2017

Listings giant Zillow Group generated more than $1 billion in 2017 revenue — cracking the billion-dollar mark for the first time. Boosted by agent advertising dollars, Zillow said last year’s revenue jumped 27 percent to $1.077 billion. Revenue from Premier Agent — which accounted for 70 percent of the company’s annual revenue — jumped 26[…]

Paydirt: HNA’s bills bills bills, Forest City’s future, new top firm rankings & other industry news you need to start your week

Ladle Full of Debt: HNA Property Group, the Chinese conglomerate that owns Midtown trophy 245 Park and is partnering with Tishman Speyer on three major New York projects, is facing a serious cash crunch. The company first caught local attention with its deal for the Cassa Hotel in 2012 , and dialed it up from[…]

Slate launches lending platform with $500M target

Slate Property Group launched its own real estate lending platform with a goal of issuing $500 million in mortgages this year. The venture, dubbed SPG Capital Partners, will originate only senior mortgages, Slate’s co-founder Martin Nussbaum said. The Midtown-based developer’s first deal is a $19 million mortgage to fund Solomon Feder’s acquisition of a development[…]