The Real Deal New York

GID pays $265M for latest slice of Riverside Center site

Boston-based firm makes second deal with Extell, Carlyle Group for UWS project

December 04, 2015 12:55PM
By Rey Mashayekhi

Riverside Center

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

GID Development Group just picked up another slice of Extell Development and the Carlyle Group’s Riverside Center project on the Upper West Side, paying roughly $265 million for three adjacent parcels on the site.

Boston-based GID paid nearly $210 million for 20 Riverside Boulevard and another $55 million for two vacant parcels along West End Avenue and Riverside Boulevard, according to property records filed with the city Friday. The deal for the three properties — which feature a combined 1.1 million buildable square feet along West 59th Street, between West End and 12th avenues — closed Nov. 18.

The development firm bought a separate portion of the Riverside Center project, at 40 Riverside Boulevard, from Gary Barnett’s Extell and the Carlyle Group for nearly $411 million earlier this year.

GID subsequently applied for permits to construct a 37-story, 595-unit residential tower at 40 Riverside Boulevard. The firm, led by James Linsley, partnered with the Abu Dhabi Investment Authority on the deal and was reportedly negotiating with Wells Fargo to secure a $1 billion development loan for three buildings at Riverside Center.

GID and Carlyle did not return requests for comment. A spokesperson for Extell declined to comment on the matter.