Extell Development has turned to investors on the Tel Aviv Stock Exchange to help refinance the debt on the world’s tallest residential building.

Gary Barnett’s firm went to TASE bondholders earlier this year seeking to raise nearly 1.1B shekels, or approximately $299.4M, for 18 unsold units at Central Park Tower, according to an investor presentation and an offering report filed last month and examined by Bisnow.

The offering for Extell's Billionaires' Row crown jewel closed March 2 with 986.2M shekels raised, or roughly $270M, according to a Google translation of the TASE offering report.

Bondholders' collateral consists of a first lien on 18 sponsor units within the 1,550-foot-tall, ultra-luxury tower at 217 W. 57th St. The investor presentation places the overall value of the units at more than $557M as of the end of 2024.

An Extell spokesperson didn't respond to Bisnow's request for comment.

It isn't the first time Extell has taken out an inventory loan at the building. In 2023, JPMorgan Chase, alongside billionaire investors David and Simon Reuben, provided Extell with a $500M loan secured by 87 apartments, representing about half of the building’s inventory at the time.

The supertall has a total of 179 units and has fetched some of the highest prices in the city's competitive ultra-luxury market. Last year, a penthouse sold for $115M, and “Sky House,” an eight-bedroom duplex 1,382 feet above street level with a private elevator, was put on the market for $150M.

The tallest penthouse, a three-story triplex 1,416 feet up on the 129th floor, had its asking price cut in 2023 from $250M to $191M.

Sales revenue for the tower in the first three quarters of 2024 totaled $244.5M, according to the investor presentation. It places that figure at $338M and $505.5M in 2023 and 2022, respectively. There were still 64 unsold units in the building as of February, according to the presentation.

Barnett is a leading force in developing New York City’s Billionaires' Row overlooking Central Park. Prior to Central Park Tower, he built One57, another rising 1,000 feet, at 157 W. 57th St.