The Real Deal New York

Extell begins to reveal its hand on Third Avenue project

Company files plan to demolish two buildings on Upper East Side block

June 13, 2014 05:20PM
By Tom DiChristopher

From left: 1681 and 1683 Third Ave, the block between 44th and 45th streets and Gary Barnett

From left: 1681 and 1683 Third Ave, the block between 94th and 95th streets and Gary Barnett

Extell Development appears to be moving forward with development of a Third Avenue block between 94th and 95th streets. On June 11, Helwal Engineering filed for a permit to demolish 1681 and 1683 Third Avenue, two of Extell’s holdings along the Upper East Side strip, city records show.

The developer behind One57 and 995 Fifth Avenue has been stockpiling holdings along the block at least since the end of last year.

On December 21, Extell bought the mixed-use building at 1683 Third for $3.2 million. As part of the deal, it also picked up 1681 Third Avenue and 37,752 square feet of air rights tied to that property for $7.7 million, The Real Deal previously reported.

Then on February 1, Extell purchased 1685 Third Avenue from Ogrin Associates for $8.63 million. That same day, Extell sold its rights to 1570 Second Avenue to Ogrin for less than half the $9.47 million purchase price.

An LLC – which lists Extell president Gary Barnett as manager — has owned the buildings at 1687 and 1689 Third Avenue since 2004.

The residential zone where the properties are located allows for the highest density residential development in the city, a Department of City Planning spokesperson previously told The Real Deal.

Extell did not immediately return calls for comment.

  • How Wonderful

    Demolish now? Really? There are still some people living in one of the buildings purchased as part of the assemblage of properties (1685 Third ave). Affordable housing –HA! Check how many rent stabilized and non rent stabilized tenants were displaced in order to empty the buildings and make way for another luxury hi-rise. WE NEED AFFORDABLE HOUSING NOW!

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