Vornado Chairman Steven Roth, 220 Central Park South and Extell President Gary Barnett
Vornado Realty Trust’s plans for a luxury condominium along Central Park South are being stalled by rival developer Gary Barnett, according to the Wall Street Journal. The Extell Development CEO holds a lease for the ground-floor garage at 220 Central Park South, a building Vornado wants to demolish to make way for a 41-story new development, and is refusing to vacate the property. [more]
From left: Gary Barnett of Extell Development, Frank Ring of F.M. Ring Associates and 251 Park Avenue South
For the second time in four years, Gary Barnett’s Extell Development is looking to the courts to wrest control of an under-utilized Manhattan office property from brothers Michael and Frank Ring. Extell owns half of the 120,000-square-foot 251 Park Avenue South, while the other half is owned by the Ring brothers. The property is managed by Frank’s F.M. Ring Associates. [more]
From left: Gary Barnett and the site at West 25th Street
Extell Development, currently in the spotlight for the ongoing success of its new Midtown development One57, is not having such an easy time at another of its prospective developments.
The company, headed by Gary Barnett, is facing foreclosure at the site of a longstanding flea market known as the Antiques Garage in Chelsea, which it purchased for $42.7 million in 2006 and for which it filed hotel plans a few years ago. A Department of Buildings filing shows Extell filed plans for a 233,544-square-foot, 29-story hotel at the site, at 112 West 25th Street, in 2009. [more]
995 Fifth Avenue, the 16th floor unit and Nikki Field, a SVP at Sotheby's International Realty
A sprawling 16th-floor cond-op at Extell Development’s 995 Fifth Avenue, the last remaining sponsor unit at the historic building, has returned to the market with a new broker after a four-month hiatus, according to Streeteasy.com.
The 8,360-square-foot unit, at the former Stanhope Hotel, failed to sell after almost two years on the market with Michele Kleier and Samantha Kleier Forbes of Gumley Haft Kleier, asking $27.5 million, but now the listing has changed hands. [more]
From left: Willis Holdings Group CEO Joseph Plumeri and 995 Fifth Avenue (building credit: PropertyShark)
Joseph Plumeri, CEO of insurance giant Willis Holdings Group, filed a lawsuit alleging $3 million worth of defects were undisclosed before he purchased his 995 Fifth Avenue co-op for $20.5 million in March 2010, the New York Post reported. He is seeking $12 million in damages from Extell Development, which converted the former Stanhope Hotel into the co-op. [more]
Riverside Park
After passing through three owners and countless lawsuits, the neighborhood taking root in the massive developments along Riverside Boulevard on the Upper West Side is beginning to mature.
The New York Times cited Corcoran Sunshine Marketing Group data that show prices and sales pace in the area far outpacing the market. The average price per square foot of a Riverside Boulevard condominium increased 10 percent year-over-year to $1,552 in the fourth quarter of 2011, compared to a 4 percent gain to $1,417 in Manhattan as a whole. [more]
From left: the Rushmore at 80 Riverside Boulevard, Andrew Chung, principal at Carlyle Realty Partners and Gary Barnett, president of Extell Development
Lawyers for Extell Development and Carlyle Realty Partners yesterday appealed a state Supreme Court order to refund $16 million in escrow funds to buyers at the Rushmore condominium on Manhattan’s Upper West Side.
Justice Anil Singh ruled against the Rushmore developers, who filed a so-called Article 78 appeal against former Attorney General Andrew Cuomo, who in April 2010 ordered return of the condo deposits to 41 buyers at the 80 Riverside Boulevard tower. [more]
535 West End Avenue penthouse
Extell Development has split the $37.5 million penthouse of 535 West End Avenue originally intended for the firm’s head into two apartments asking a combined $45 million, the Wall Street Journal reported.
When the 22-unit building hit the market in 2008, brokers were told the unit was being held for Extell President Gary Barnett, who was considering a move to the Upper West Side from Queens. [more]
Extell Development's Gary Barnett and the Belnord
Extell Development’s Belnord and Kushner Companies’ 666 Fifth Avenue both made it off Trepp’s list of distressed properties for January, according to data prepared for The Real Deal by the research firm today, while an 144,000-square-foot office and retail building owned by private investors at 2 West 46th Street made it onto the list for the first time.
The $375 million loan on the Belnord, which has 215 rental apartments spanning the entire block from 86th to 87th streets between Amsterdam Avenue and Broadway, has been in financial trouble since Extell President Gary Barnett put more debt on the historic building than its rental income could support, according to news reports. He stopped paying his sizable debt service on the Belnord in May 2011; it was reported in August that he could wind up walking away from it, a prospect that alarmed longtime tenants. [more]
Corcoran Sunshine Director of Sales Dan Tubb and new renderings of One57
About 30 percent of the apartments at One57 are under contract, according to Gary Barnett, founder of Extell Development Company, the developer behind the 95-unit luxury condominium tower.
Barnett, who would not discuss which units are finding buyers or what kinds of prices they are paying, was at the One57 off-site sales office today for a press-only panel discussion on the architecture and design of the 90-story tower at 157 West 57th Street. [more]
