The Real Deal New York

Extell zeroes in on another Duell property, 530 Sixth Ave: report

The Greenwich Village site has 127K in residential development rights

February 02, 2016 09:09AM

530 Sixth Avenue in Greenwich Village (inset: Gary Barnett)

530 Sixth Avenue in Greenwich Village (inset: Gary Barnett)

Extell Development is in talks to buy a Greenwich Village commercial property with substantial development rights from the Duell family, the latest of several deals between the two.

Gary Barnett’s firm is looking to acquire 530 Sixth Avenue on the corner of West 14th Street in Greenwich Village, Crain’s reported, citing a source familiar with the deal.

The site is currently home to a 17,000-square-foot commercial building housing a Moscot Eyewear store, but public records show it has nearly 127,000 square feet of residential air rights.

Extell and the Duells have struck a number of deals in the past two months. In December, Barnett’s company bought two apartment buildings at 116 Seventh Avenue and 204 West 17th Street in Chelsea from the Duells, paying $11 million. He also bought 502 Third Avenue, a rental and retail building in Murray Hill, from the family for $11 million around the same time.

Barnett also seems to be the buyer in the $20 million purchase of a rental building at 27 Washington Square North in the Greenwich Village last month, according to Crain’s. At the time of the purchase, the buyer wasn’t known. [Crain’s] – Ariel Stulberg

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