The Real Deal New York

Barnett acquires three more Far West Side sites from Central Parking System

January 23, 2012 02:30PM
By Katherine Clarke

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From left: The sites at 430 and 434 West 37th Street and 429 West 36th Street

Following the purchase of a 44,564-square-foot parking garage on West 44th Street for $29 million last week, Gary Barnett’s Extell Development has acquired three more prospective development sites from Central Parking System on West 36th and West 37th streets, according to public records filed with the city today.

The three sites – two adjacent lots at 430 West 37th Street, 434 West 37th Street and another one at 429 West 36th Street – include a four-story, 17,702-square-foot garage with 12,711 square feet of usable floor area, which is zoned as commercial overlay within a residential district, an adjacent 4,937-square-foot vacant lot, and a 9,890-square-foot garage respectively. The final purchase price for the transaction, which closed Dec. 1, was $15 million.

All told, the three sites plus the one last week come to around 85,000 square feet, according to PropertyShark.com, and $44 million.

The three most recent sites are located within the industrial area between West 30th Street and West 42nd Street, and from Eighth Avenue to the Hudson River, known as Hudson Yards, which is primed to become a new Midtown, with office towers, high-priced condos, and hotels, as part of the Bloomberg administration’s reinvention of the Far West Side.

The Related Companies, Brookfield Asset Management and Sherwood Equities all own large lots in the area, and are planning to build huge new residential and commercial developments, it’s been previously reported.

Similarly to last week’s purchase, which also closed Dec. 1, the property at 430 West 37th Street, between Ninth and 10th avenues, was initially marketed by Richard Baxter of Cushman & Wakefield as one in a batch of parking sites in 2007. Baxter was not immediately available for comment.

Dov Hertz, an executive vice president at Extell who heads acquisitions at the firm, declined to comment on what the company is planning for the sites.

Central Parking System did not immediately respond to a request for comment.

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