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Barnett finally closes on $11M Noho portfolio
It seems Gary Barnett has finally triumphed in his nine-year effort to buy two loft buildings in Noho for $11 million, according to public records filed with the city today. Barnett’s Extell Development closed on the buildings, at 734 Broadway and 736 Broadway, last week, the filing shows.
For the past six years, Extell’s acquisition of the buildings has been stalled by infighting between the owners. Brothers Aaron, Ruben and Mordechai Muschel, who were willed the property by their father William Muschel, had been battling over the modest portfolio since their fathers’ death in 2001.
As The Real Deal previously reported, Barnett signed a $13 million contract to buy the two loft buildings in 2002. The buildings have tenants whose rent is regulated by the interim multiple dwelling laws.
The 11-story building at 736 Broadway has a total of 29,485 square feet, compromised 2,300 square feet of retail space and 11 commercial units, while 734 Broadway has 6,226 square feet altogether, made up of 128 square feet of retail and five residential units.
Barnett’s plans for the property were not immediately clear. Neither Barnett nor an attorney for the Muschel brothers was immediately available for comment.