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5 5 5 T E N T H AV EP R O J E C T S U M M A R YA CITY BUILT
ON OPPORTUNITYAN OPPORTUNITY TO BUILD A NEW FUTURE
PROJECT COMPANY Extell 4110 LLC
DEVELOPER 555 Tenth Avenue Developer LLC, an affiliate of Extell Development Company
LOCATION 41st Street and Tenth Avenue New York, NY
TOTAL PROJECT COST $455 Million
EB5 EB-5 PREFERRED EQUITY $100 Million
JOB CREATION Over 2,900 new jobs created
CAPITAL INVESTMENT $500,000 (Located in a “TEA”)
ADMINISTRATION FEES $60,000
Extell New York Regional Center (“ENYRC”) provides EB-5 capital financing
from immigrant investors for use in the development and construction of
select real estate development projects developed by Extell Development
Company (“Extell”). ENYRC was designated as an EB-5 regional center
by the U.S. Citizenship and Immigration Services (“USCIS”) in 2011. Its
geographic scope includes the counties of Manhattan, Bronx, Brooklyn,
Queens, Westchester, and Nassau in the state of New York. ENYRC
investments are each designed to promote economic growth, improve
regional productivity, and create U.S. jobs.
555 TENTH AVENUE (the “Project”) is a
52-story residential rental tower located in the
rapidly developing Hudson Yards neighborhood of
Manhattan. Hudson Yards is one of New York’s most
active markets for new residential and commercial
development. The Project is adjacent to the Midtown
Central Business District and Times Square (5 minute
walk) and is walking distance to multiple modes of
public transportation, including the Port Authority Bus
Terminal and new Number 7 subway line extension,
scheduled to open in mid-2014.
The new Hudson Park and Boulevard—a 4-acre system
of parks and open spaces, scheduled to open in 2014—
is a few short blocks from the Project. Additionally,
the High Line, a famous 1.5 mile long public park built
on an elevated, previously abandon, stretch of rail line
is a 10 minute walk from the Project.
A N I N V E S T M E N T I N M A N H A T T A N ’ S N E W W E S T S I D E
MIDTOWN
UP
PE
R W
ES
TS
IDE
CE
NT
RA
L P
AR
K
TIMES SQUARE
MANHATTAN’SNEW
WEST SIDE
TIMES SQUARE5 MINUTE WALK
7 TRAIN EXTENSION 5 MINUTE WALK TO SUBWAY
THE HIGH LINE 10 MINUTE WALK
HUDSON RIVER PARK 5 MINUTE WALK
CHINATOWN
FINANCIALDISTRICT
COLUMBUS CIRCLE
HUDSON YARDS NEIGHBORHOOD
555 TENTH AVENUE THE PROJECT
P R O J E C T D E S C R I P T I O N
Visually defined by a striking stainless steel and glass
façade, the Project combines retail space, a community
facility and a two-tone glass residential tower with
sparkling vertical metal fins. The tower crown is
complemented by contrasting horizontal fins that grace
the top of the tower with a soft glow when lit in the
evening hours. The 598 residential apartments feature
floor to ceiling windows and beautiful interior detailing.
All residents have access to an array of amenities,
including a gaming room with bowling alley, indoor
pool and fitness center and rooftop club floor with an
outdoor pool and spectacular views of Manhattan’s
skyline and the Hudson River.
52 STORY TOWER
598 RESIDENTIAL RENTAL UNITS
TOTAL GSF/GSM*
710,907 gsf / 66,045 gsm
RESIDENTIAL RENTAL UNITS
476,110 gsf / 44,232 gsm
COMMUNITY FACILITY SPACE
93,932 gsf / 8,634 gsm
GROUND FLOOR RETAIL
6414 gsf / 596 gsm
ALL NUMBERS LISTED ABOVE ARE APPROXIMATE AND SUBJECT TO CHANGE DURING THE COURSE OF CONSTRUCTION
*GROSS SQUARE FEET = GSF AND GROSS SQUARE METERS = GSM
555 TENTH AVENUE
24-HOUR DOORMAN SERVICE, CONCIERGE & VALET SERVICES
2880 sf / 268 sm FITNESS CENTER
8000 sf / 743 sm 9TH FLOOR AND ROOF TOP
FEATURING:
Indoor Lap Pool
Outdoor Rooftop Pool
Landscaped Outdoor Spaces
Outdoor Lounging Areas
Cabana Terrace
Birch Grove
Outdoor Dining Area with Fireplace
Club Room with Catering Facilities & Fireplace
Children’s Playroom
Bowling Alley
Gaming Area
Dog Run
Indoor Dog Washing Facilities
Tenant Storage Units & Cold Storage
CLUB ROOM
T H E E X T E L L S TA N D A R D : S O P H I S T I C AT E D D E S I G N F I R S T C L A S S A M E N I T I E S
ALL NUMBERS LISTED ABOVE ARE APPROXIMATE AND SUBJECT TO CHANGE DURING THE COURSE OF CONSTRUCTION
*SQUARE FEET = SF AND SQUARE METERS = SM
2017 JAN Building 100% Occupied
SEPT Building 75% Occupied
JULY Project Substantially Complete
MAY First Tenant Move-ins
2016 MARCHReceive first City-Awarded Temporary Certificate of Occupancy
DECBegin Punchlist Program to ensure quality control of finishes, fixtures, and equipment in the building
MAY Remove Construction Crane
2015 MARCH Begin Interior Construction
OCT Commence Building Enclosure
SEPT Set up Construction Crane
AUGUSTComplete Foundation work and Begin Vertical Construction
2014 JULYFinalize Contract with General Contractor
SEPTDemolition and Foundation Work Commenced
2013 AUGUST Received Permits for Foundation
2012 JULYDeveloper Purchased Air Rights from Adjacent Site
2011 AUGUST Entered Ground Lease
P R O J E C T T I M E L I N EI N V E S T M E N T S U M M A R Y
TOTAL PROJECT COST
$455 MILLION
CONSTRUCTION LOAN - 1ST POSITION
$325 MILLION
EB5 PREFERRED EQUITY
$100 MILLION
EQUITY
$30 MILLION
ANTICIPATED EXIT STRATEGY
Capital distributions to holders of preferred
equity units will be derived from rental
and/or sales proceeds, refinance, or proceeds
of loan repayment
An appraisal report prepared by Cushman & Wakefield, Inc.
(“Cushman”) provided the prospective market value of the
leasehold interest upon completion and stabilization. Based
on the estimated completion date of November 1, 2016, the
prospective market value upon completion is $700 million
and $721 million upon stabilization.
Recognized as one of New York City’s most active
real estate developers, Extell Development Company
(“Extell”) is a nationally acclaimed developer of
commercial, residential, retail, hospitality and mixed-
use properties operating primarily in Manhattan. Since
its founding in 1989, Extell has experienced outstanding
growth, with a portfolio that exceeds 20 million square
feet, with transactions totaling over $10 billion USD.
Setting new standards in the real estate industry,
Extell has earned a stellar reputation for its dedication
to the development of superior quality properties
distinguished by sophisticated design, gracious floor
plans, and first class amenities.
E X T E L L D E V E L O P M E N T C O M P A N Y
EXTELL’S STANDARDS CONTINUOUSLY RAISE THE BAR FOR RESIDENTIAL AND COMMERCIAL DEVELOPMENT 1 ORION 2 THE INTERNATIONAL GEM TOWER 3 W HOTEL TIMES SQUARE 4 THE AVERY, THE RUSHMORE & THE ALDYN
5 LA PALESTRA GYM AT THE ALDYN 6 ONE RIVERSIDE PARK 7 THE CARLTON HOUSE 8 ONE RIVERSIDE PARK & RIVERSIDE CENTER 9 ONE57/PARK HYATT 10 TERRACE VIEW AT 995 FIFTH 11 THE CARLTON HOUSE LOBBY 12 THE LUCIDA
1 2 3 4 5 6
7 8 9
10 1211
E X T E L LN E W Y O R KR E G I O N A L C E N T E R
ENYRC sponsored EB-5 investment funds raised
$75 million dollars from 150 EB-5 investors for use in
construction of Extell’s $680 million International Gem
Tower (IGT) project. Designed by world-renowned
architecture firm Skidmore, Owings, and Merrill, IGT is a
34-story tower of retail, commercial condominium, and
office space that was specifically designed to meet the
needs of diamond, gem and jewelry industries.
100% of the I-526 (“EB-5”) petitions that have been
adjudicated as of June 2014 have been approved.
Fewer than 30 of the 150 petitions filed by all investors
remain pending with the USCIS, and are expected to
be approved over the next few months.
EB-5 Investment: SOLD OUT
TOTAL EB-5 CAPITAL RAISED: $75 Million
133 out of 150 I-526 approved as of July 2014
Remainder pending with the USCIS
Over 1,500 new jobs created
T H E I N T E R N A T I O N A LG E M T O W E R
AN EB5 PROJECT
T H E I N T E R N AT I O N A LG E M T O W E RAN EB5 PROJECT
GARY BARNETT CEOMr. Barnett, President of Extell Development, has become one of the preeminent developers in the real estate industry. Prior to his real estate career, Mr. Barnett worked internationally in the diamond industry. He received a Bachelor of Arts degree in Mathematics from Queens College and a Master’s Degree in Economics from Hunter College. Mr. Barnett provides marketing oversight and policy guidance for the Regional Center’s operations.
LELA GOREN Director General and PresidentMs. Lela Goren is the founder, partner and the current President and Director General of the ENYRC. Ms. Goren is also the founder and President of G Group, a woman-owned and operated real estate development and investment company. Prior to starting her own firm, Ms. Goren was Senior Vice President of Acquisitions and Development at Extell Development and over the last 10 years she has worked on millions of square feet of real estate; mixed-use developments including residential, hospitality, office, retail, and in all phases of assembly, acquisition, finance, design, construction, sales and marketing. Ms. Goren’s projects have involved close collaboration with the City of New York, as well as the State and Federal governments. Ms. Goren has also worked at the United Nations, both in Geneva, Switzerland and New York City, and clerked for Judge Gabay at the UN Administrative Tribunal. She holds JD and Masters’ degrees in International Law and Intellectual Property Law.
ELI COHEN Managing PartnerEli has extensive real estate experience. He has overseen the acquisition, development and management of over $500 million in real estate in the U.S. and Asia. He assisted in the acquisition and management of over 1,000 residential units in New York City from 2003 to 2008. Eli also secures primary investment capital and is developing an international broker network for investors.
WEN LEE YING Managing Director, Asia PacificMr. Ying brings his experience in business strategy, consulting and cross-border advisory. While a member of the Savills Investment Team of Shanghai, the team concluded over $1 billion USD in real estate transactions. Wen Lee is co-founder of Next Step and the Shanghai Chapter of the Urban Land Institute. He holds a BS in Business Administration with an emphasis in entrepreneurship from the USC Marshall School of Business. Wen Lee is focused on securing appropriate regional partnerships for the Center, primarily in China, Korea and Taiwan.
ERIKA BANACH DirectorMs. Banach has over 9 years of real estate marketing, development, and construction experience. She has assisted in the marketing and launch of numerous Extell projects. She holds a BS in Marketing from the University of Scranton and an MBA from Baruch College. Erika’s role in the ENYRC is to provide oversight of operations, maintain cohesion between a project’s developer, general contractor, law and accounting firms, and to ensure overall compliance.
GENEVIEVE ROMAN In-House Immigration CounselAs in-house immigration counsel for ENYRC, Genevieve’s practice is focused on individual EB-5 investors as well as working with the regional center to monitor project compliance with the requirements of the regional center program. Prior to joining the team at ENYRC in 2011, Genevieve was an associate at the Law Office of Robert B. Job in San Francisco, CA, where she gained experience in a broad range of immigration practice.
RAFAEL COHEN Investor Account CoordinatorRafael (“Rafi”) joined the ENYRC team in 2011, and now plays an integral role in the regional center’s day-to-day operations. Rafi is responsible for managing front desk intakes, company database maintenance and recordkeeping, assembly of marketing materials, and providing administrative support to team members. He is also the “go-to” guy when his colleagues need help with anything from tech support to getting a last minute visa to China.
E B 5 T E A M OPPORTUNITY AWAITS YOU
VIEW OF CENTRAL PARK FROM ONE57
ONLINE www.eb5extell.com
U.S. PHONE +1 212 221 3137
CHINESE PHONE +86 138 1620 0834
FAX +1 646 998 6266
LOCATION 805 Third Avenue - 7th Floor New York, NY
U.S. E-MAIL info@eb5extell.com
CHINESE E-MAIL businessrelations@eb5extell.com
THIS BROCHURE IS PROVIDED FOR INFORMATIONAL ANDDISCUSSION PURPOSES ONLY AND SHOULD NOT BE RELIEDUPON OR OTHERWISE USED IN ANY MANNER BY THERECIPIENT.
THIS BROCHURE IS NOT PART OF, AND SHOULD NOT BECONSTRUED AS PART OF, ANY OFFER TO SELL OR ANYSOLICITATION OF AN OFFER TO BUY ANY LIMITED LIABILITYCOMPANY INTEREST OR OTHER INTEREST IN EXTELL 4110 LLC, A DELAWARE LIMITEDLIABILITY COMPANY (THE “COMPANY”). SUCH AN OFFERCAN ONLY BE MADE THROUGH THE DELIVERY OF A PRIVATEPLACEMENT MEMORANDUM FROM THE COMPANY.
THE INFORMATION CONTAINED IN THIS BROCHURE IS IN APRESENTATION FORMAT AND THEREFORE IS QUITE LIMITEDIN ITS SCOPE. THIS BROCHURE IS NOT MEANT TO PROVIDECOMPREHENSIVE DESCRIPTIONS OR DISCUSSIONS OF THETOPICS MENTIONED HEREIN.
NO WARRANTY IS GIVEN AS TO THE COMPLETENESS ORACCURACY OF THE INFORMATION CONTAINED HEREIN ANDTHE VIEWS AND OPINIONS HEREIN ARE SUBJECT TO CHANGEWITHOUT NOTICE. IN FURNISHING THIS BROCHURE, BOTH THE COMPANY AND EXTELLNEW YORK REGIONAL CENTER LLC RESERVE THE RIGHTTO SUPPLEMENT, AMEND OR REPLACE THE INFORMATIONCONTAINED IN THIS BROCHURE AT ANY TIME, BUT HAVENO OBLIGATION TO PROVIDE THE RECIPIENT WITH ANYSUPPLEMENTAL, AMENDED, REPLACEMENT, OR ADDITIONALINFORMATION.
THE CONTENTS OF THIS BROCHURE ARE CONFIDENTIAL ANDARE NOT TO BE REPRODUCED, COPIED, TRANSFERRED, ORCOMMUNICATED TO ANY THIRD PARTY WITHOUT THE PRIORWRITTEN CONSENT OF THE REGIONAL CENTER.
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