While the information came to me via an email from their PR firm, the news is no less impressive. In the face of the much hyped housing correction, Extell Development had little difficulty at all. While the comps were not readily available, reporting $507 Million in sales for the first half was indeed impressive. Considering that the release used the term "skyrocket" describing sales, you'd have to assume that they were up, although that will later be verified. I mentioned at the beginning of the month that Extell and Carlyle had lined up the largest financing deal of the year of over $600 Million. The latest release plays up that Lucida and 212 East 47th are now better than 90% sold, but most impressive had to be that their newest offering, 535 West End Avenue is over 40% sold in just 30 days. Man, these guys are making it look easy!
Sales At Extell Development Company Skyrocket (Reuters)