The Real Deal New York

Extell sells Chelsea site for $17M

March 17, 2011 06:57PM
By Adam Pincus

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From left: Extell’s Gary Barnett and Dov Hertz as well as the site at 153 West 21st Street

Just two weeks after unloading a development site in Soho, Gary Barnett’s Extell Development sold four brownstones comprising a single parcel in Chelsea at 153 West 21st Street, to Alfa Development Management for $17.14 million.

Alfa Development, based in the Flatiron District, went into contract in December and closed on the sale March 2, city property records published today show.

The row of four-story brownstones with 58,084 square feet of development rights, sold for $300 per square foot, according to figures from PropertyShark.com.

Extell’s head of acquisitions, Dov Hertz, said that the company sold the site after buying the properties from two different owners, and vacating the tenants, including paying four to leave. He filed a plan with the Department of Buildings to demolish the four buildings the agency’s website shows. But a permit was not issued.

In February, Extell sold the Soho development site, at 180 Sixth Avenue for $17 million to Tavros Capital Parters, a Texas firm.

“We had created the value through assembling and vacating the property, and [the buildings] were now ready for a developer to come along,” he said. “Since we had other things on our plate we felt it was a good time to sell.”

He said the firm was focusing on its larger projects, such as the 34-story International Gem Tower at 50 West 47th Street and the 74-story Carnegie57 at 157 West 57th Street, both in Midtown.

A principal for Alfa was not immediately available for comment.

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