New York based real estate company Extell Development announced its plans to issue bonds on the Tel Aviv Stock Exchange.
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The Extell Development Company, one of the top real estate firms in New York, has published a prospectus for offering NIS 700 million ($200 million) in bonds on the Tel Aviv Stock Exchange. The bonds will be floated by Extell Limited and have a rating of A2. The bonds are intended to finance new real estate investments in America.
Apex Underwriting and Issue Management Ltd will underwrite the bond offering. Extell is represented in Israel by the Law firm of Shimonov and Company and the accounting firm of Gabbay and Kasierer.
Real estate developer of residential, commercial, retail, hospitality, and mixed-use properties, Extell Development was founded 1989. The company’s portfolio exceeds 20 million square feet and includes four luxury residences in Manhattan. They also hold three commercial properties in the borough as well as three mixed use buildings and four luxury hotels, including the W Times Square, The Hyatt at Times Square and the Park Hyatt new York. .
Extell is the most active builder in Manhattan, with at least 11 current projects totaling 5.7 million square feet, according to a survey by The Real Deal real estate magazine. Just last November it announced plans to build a 1, 400 foot tall apartment building at the corner of Manhattan’s West 57th Street and Broadway.
The company has been criticized for building such large edifices. Also, in 2013, both the New York Post and Gawker Media attacked Extell for having separate entrances for rich and poor tenants at several of their Manhattan residences.
At the end of 2013 it posted a profit of $203 million and had a shareholder equity of $654 million.
A 58 year old rabbi’s son, Gary Barnett, founded and owns Extell Developments. After starting his career in the diamond business, Barnett began to purchase properties in New York. He was named Most Powerful Person by the New York Observer magazine in 2013. A product of public colleges, he received his BA from Brooklyn College and his MA in economics from Manhattan’s Hunter College, both part of the New York City University system.