Hong Kong Firm Buys Stake In Extell And Megalith's Lincoln Square Development
A Hong Kong-based investment firm has bought a stake in a Lincoln Square condo development.
Extell Development and Megalith Capital Management were the initial owners of 36-44 West 66th St., but property records reveal that Extell transferred ownership between two companies connected to itself and Hong Kong-based Meridian Capital Ltd. (not Meridian Capital Group) for $127M, The Real Deal reports.
Extell purchased 44 West 66th St. for $45M in 2014, and Megalith purchased three buildings from 36-40 West 66th St. for $85M. The two companies partnered and submitted plans for a 25-story, 150-unit condo development on the combined lot in 2015.
Megalith told TRD that it is still involved in the condo project, but declined to disclose the nature of its remaining connection. The project already has zoning approval for its 25 stories and a $96M loan from Natixis.
