Extell Development President Gary Barnett and a rendering of the One57 penthouse
Gary Barnett has set a new record for a New York apartment sales price with the deal for a penthouse apartment at his One57. According to the New York Times, an undisclosed but recognizable buyer has signed a contract, worth between $90 million and $100 million, for the 10,923-square-foot penthouse on the 89th and 90th floors of the forthcoming building. [more]
From left: SL Green CEO Marc Holliday, SL Green President Andrew Mathias, Extell President Gary Barnett and Governor Andrew Cuomo
The leaders of the city’s largest office landlord, SL Green, ranked at the top of a list of the most powerful people in New York City real estate compiled by the New York Observer. The ranking was based on “access and influence,” or the ability to influence the outcome of potential projects and access people who can help push an agenda forward. [more]
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]
Sheldon Solow (top), Gary Barnett and 12 West 57th Street
Sheldon Solow outdueled his West 57th Street rival and acquired an office building on the block at a near record price.
The New York Post reported Solow, who developed 9 West 57th Street, bid $120 million for 12 West 57th Street to beat out One57 developer Gary Barnett, president of Extell Development, for the 12-story property. The price works out to more than $1,400 per square foot, which the Post said was nearly a record high for Manhattan office space, however PropertyShark.com data show that more than 53,000 of the building’s 81,174 square feet is dedicated for retail. [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]
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]
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]
From left: former Attorney General Andrew Cuomo, 80 Riverside Boulevard and Gary Barnett, president of Extell Development
After nearly three years of litigation in multiple venues, a state Supreme Court judge ruled last week that former Attorney General Andrew Cuomo was correct in his 2010 order for the return of $16 million in disputed escrow deposits at the Rushmore condominium.
Justice Anil Singh, in a 15-page decision, ordered co-developers Carlyle Realty Partners and Extell Development, to return the deposits to 40 buyers at the 80 Riverside Boulevard tower. [more]
