Extell Development purchased a 10,000-square-foot development site on East 50th Street for $61 million, the New York Post reported. The deal closed Dec. 1 and was recorded in city records this past Friday.
The property, at 138 East 50th Street between Third and Lexington avenues, is currently a seven-story vertical parking tower flanked by the W New York and San Carlos hotels.
The Post speculated that with 100 feet of sidewalk frontage, the site was large enough for a new hotel or condominium tower, but couldn’t glean information about the floor area ratio potential, or about any air rights Extell is working to obtain.
According to PropertyShark.com, the site currently has an FAR of 12, allowing for a structure with more than 120,000 square feet. The owner of the parking garage that sold the property is Nashville-based Central Parking Corporation public records show. [Post, 1st item]
