The Real Deal New York

Gary Barnett’s Extell takes stake in 1710 Broadway

Developer to partner with C&K; site could give rise to 1,000-foot tower

August 04, 2015 02:30PM
By Hiten Samtani and Mark Maurer

1710 Broadway

From left: 1710 Broadway in Midtown (inset: Gary Barnett, Meir Cohen and Yoron Cohen) (Barnett photo credit: STUDIO SCRIVO)

Gary Barnett’s Extell Development is coming in as a partner on C&K Properties’ Midtown development site at 1710 Broadway, The Real Deal has learned. The site offers about 370,000 buildable square feet in one of the busiest areas of Manhattan and could accommodate a tower as high as 1,000 feet.

A JLL team led by Yoron Cohen was marketing the property, which is located on the corner of West 54th Street. It’s unclear how much Barnett is paying for his stake, though one source familiar with the deal said that it was between $650 and $700 per square foot. When the site hit the market in January, Crain’s reported that it could go for $1,000 per square foot.

Representatives for C&K declined to comment, as did representatives for Extell and JLL.

A six-story, 83,000-square-foot building currently stands on the site and houses tenants including Sean Combs’ Bad Boy Entertainment. C&K picked up the property in 2003 for $23 million, city records show, and proceeded to buy up air rights in several transactions to give the site a total of about 370,000 buildable square feet.

Extell is one of the city’s most active developers, with current projects including the Nordstrom Tower at 217 West 57th Street and a site at City Point in Downtown Brooklyn.