The Real Deal New York

GID Development buys part of Extell, Carlyle’s Riverside Center for $410M

40 Riverside Boulevard is one of five buildings in 8-acre project

April 30, 2015 03:20PM
By Tess Hofmann

Rendering of Riverside Center (credit: Christian de Portzamparc) (inset: Gary Barnett and James Linsley)

UPDATED, April 30, 5:42 p.m.: Extell Development and the Carlyle Group sold a portion of their Riverside Center project on the Far West Side for $410.8 million to James Linsley’s GID Development Group, according to property records filed with the city.

GID purchased 40 Riverside Boulevard, one of five buildings in the 8-acre project.

Riverside Center stretches from 59th Street to 61st Street along Riverside Boulevard, and is slated to include 2,500 residential units, 140,000 square feet of retail space, an elementary school, a 250-room hotel and a public plaza when it is completed.

GID entered into contract for the property last year and closed on the deal last week. HFF’s Andrew Scandalios and Jeffrey Julien represented the sellers.

Christian de Portzamparc is serving as the project’s architect.

This is GID’s only current project in New York City. Its other developments are located in Houston, Atlanta, Seattle and Denver.

A representative for GID declined to comment, while Extell and Carlyle could not be immediately reached.