Sherwood picks up Extell’s failed West Side development site for $42M

Sherwood Equities has acquired a West Side development site where Extell Development had once planned to build a 60-story hotel and residential tower for more than $42 million, according to Real Estate Weekly. The site, at 356 10th Avenue, near the Related Companies’ planned Hudson Yards development, was assembled for at least $44 million by Extell, but after its financing partner backed out of the project, the company handed it back to lender Barclays Capital Real Estate last year in a deed in lieu of foreclosure. Barclays, which held a first mortgage valued at nearly $30 million on the property, hired Massey Knakal Realty Services to help sell the site in March. [REW]

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