The Real Deal New York

Extell buys four Flatiron buildings from Duell for $50M

The deal is the latest of many between the two landlords

February 19, 2016 02:07PM
By Ariel Stulberg

530-540 Sixth Avenue and Gary Barnett

530-540 Sixth Avenue and Gary Barnett

UPDATED: Feb 19, 3:55 p.m.: Gary Barnett’s Extell Development made yet another deal with the Duell family, buying four adjacent commercial buildings on Sixth Avenue in the Flatiron District for a combined $50 million.

Extell, one of the city’s largest residential developers, picked up the 17,000-square-foot building at 530 Sixth Avenue – home to Moscot Eyewear – along with 536-540 Sixth Avenue, which is occupied by three buildings totaling 14,700 square feet.

The buildings collectively have about 63,500 buildable square feet, according to PropertyShark. There could be additional air rights from adjacent parcels, as Crain’s reported the site could accommodate 126,750 square feet of residential space.

In December, Barnett’s firm bought two Chelsea rental buildings from the Duells – at 116 Seventh Avenue and 204 117th Street – for $11 million. Extell also bought 502 Third Avenue, a rental property with ground-floor retail, from the family for another $11 million around the same time.

Barnett also reportedly bought 27 Washington Square North in Greenwich Village from the Duell family in January, paying $20 million, according to Crain’s. The buyer was unknown at the time the deal went down.

Correction: A previous version of this article stated that this transaction involved two buildings. It was actually two parcels containing four buildings. 

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