Gale International has closed on the purchase of a development site at 21 West 20th Street. The investment and development firm, which last fall agreed to purchase the property from Gary Barnett’s Extell Development, has also acquired air rights needed to move ahead with the construction of a 15-story luxury condominium tower at the site, The Real Deal has learned.
Gale — best known for its role as the master plan developer of the $35 billion, 1,500-acre Songdo International Business District in South Korea — paid $9.75 million for the property, the company told The Real Deal today. Bob Knakal of Massey Knakal Realty Services brokered the deal, which was Gale’s first in Manhattan.
Knakal said of the deal: “This was not the most straight forward site with several contextual issues but the number of interested parties was significant.”
The 15-story tower, scheduled for completion in 2014, is expected to consist of 12 units, including three 100-foot-wide penthouses with private outdoor spaces, a spokesperson for the developer said.
All units will have direct elevator access. The architecture firm Beyer Blinder Belle has designed the building, which will have a glass, steel, and brick façade.
“We intend to leverage the extensive experience gained in the global markets to deliver an unparalleled product in Manhattan,” said Stan Gale, chairman and managing partner of Gale International.
The Gale family has long been a force in New York and Long Island real estate. When Stan Gale’s daughter, residential broker Katherine Gale, joined Long Island brokerage Daniel Gale Sotheby’s last year, she was the fourth generation in her family to work at the firm, which her great-grandfather founded in 1922.