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Billionaires’ Row developer raises cash after Manhattan property slump - Land.Net News



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https://www.ft.com/content/736825e3-1893-48d5-b011-53518fdf3680

Extell Development, the real estate group behind some of the supertall towers of Manhattan’s Billionaires’ Row, is raising more than $300m through the sale of a stake in its lesser-known properties, as it wrestles with a slump in the market for luxury apartments.

Extell is selling a 42 per cent stake in a portfolio of Manhattan rental apartments to RXR Realty, in a deal that shows how the pandemic has created both strains and opportunities in the world’s most valuable property market.

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