The Real Deal New York

Posts Tagged ‘gary barnett’

  • Ring-212-Barnett

    From left: Frank Ring, 251 Park Avenue South, 212 Fifth Avenue and Gary Barnett

    Gary Barnett’s Extell Development paid $308.2 million for Frank Ring’s 50 percent stake in 13 buildings, mostly located in Midtown South, city records show. The acquisition was announced in October when the contract was signed but the price had not been revealed. [more]

  • From left: 35 West 15th Street, 303 East 77th Street and 225 West 57th Street

    35 West 15th Street, 303 East 77th Street and 225 West 57th Street

    As luxury residential properties in New York City grow ever bigger and flashier, cantilevers are boldly following suit.

    Driven by a demand for developments that are ever “bigger and better,” as the mantra goes, increasingly audacious cantilevers are possible thanks to changes in technology such as structural steel and reinforced concrete that render a load-bearing wall, once an architectural necessity, nearly obsolete. Air rights transfers have also served them well, enabling cantilevers to stretch higher and farther as long as they adhere to density quotas and stay far enough away from neighboring roofs. [more]

  • From left: Gary Barnett and 227 Cherry Street

    From left: Gary Barnett and 227 Cherry Street

    Extell Development’s forthcoming development on the Lower East Side site of the former Pathmark grocery store will involve a massive tower, according to a neighborhood official. [more]

  • angelo-gordon

    68 Charlton Street (via Curbed) and John Angelo

    Investment firm Angelo, Gordon & Co. intends to build a 13-story condominium building on a Hudson Square lot that former owner Extell Development planned to develop as a 35-story hotel.

    The property at 68 Charlton Street, near Varick Street, would be 115,296 square feet and hold 79 units. Amenities will include a gym, pool, basement steam room and children’s playroom. [more]

    1 Comment
  • Gary Barnett and a rendering of a living room at One Riverside Park (Credit: Wordsearch/Visualisation One)

    Gary Barnett and a rendering of a living room at One Riverside Park (Credit: Wordsearch/Visualisation One)

    Gary Barnett has pulled the remaining units at Extell Development’s One Riverside Park off the market pending a price adjustment, in response to the robust demand for the building. Sales were approved by the New York state attorney general 10 days ago. [more]

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  • Crane dangling from One57 after Hurricane Sandy and Gary Barnett (inset)

    Crane dangling from One57 at 157 West 57th Street after Hurricane Sandy and Gary Barnett (inset)

    Extell Development has finally taken down its much-maligned crane at One57, the developer said. “As One57 approaches completion, with its first closings scheduled for December, the crane was safely and successfully removed from the building this morning,” Extell said in a statement. [more]

  • Barnett-Westbourne-Malone

    From left: Gary Barnett, 601-611 West 137th Street (Photo credit: PropertyShark) and Georgia Malone

    Gary Barnett’s Extell Development must pay $1.32 million to broker Georgia Malone after battling with her for nearly a year over how much commission she deserved on a multifamily building portfolio sale, court records disclosed today show. [more]

  • 157 West 57th Street

    157 West 57th Street

    Extell Development’s much-maligned billionaire’s tower One57 is nearly sold out. [more]

  • From left: 157, 215 and 225 West 57th Street and Gary Barnett

    From left: 157, 215 and 225 West 57th Street and Gary Barnett

    Despite Community Board 5′s reputation as one of the city’s kindest to developers, Extell Development’s Gary Barnett has made little headway in winning it over. [more]

  • Rendering of the base of 217 West 57th Street

    225 West 57th Street

    The Landmarks Preservation Commission has voted in favor of the Nordstrom tower cantilever, moving Extell Development’s plans for 225 West 57th Street forward.

    Voting 6-1 in favor, the LPC closed the door on a debate about whether the cantilever would be an eyesore on the Art Students League of New York building next door. The overhang, it ultimately decided, posed no negative impact and will, according to one member of the commission cited by New York YIMBY, protect the building from intrusions and help preserve the landmark in its current state. [more]

  • 255 West 86th Street

    255 West 86th Street

    The grandson of a Belnord tenant has renewed his fight to toss out a deal between residents of the Upper West side building and their landlord, Extell Development.

    The 2006 agreement insulated them from capital improvements charges, capped their rents and limited relatives’ ability to inherit their apartments. However, the unusual deal, approved by the state Division of Housing and Community Renewal, raised eyebrows at the time of signing and has drawn questions of whether it was even legal. [more]

  • vornado

    From left: Steven Roth, 220 Central Park South and Gary Barnett

    Vornado Realty Trust and Extell Development have officially settled litigation over side-by-side development lots, paving the way for Vornado to start construction on a 920-foot-high, 41-story condominium tower at 220 Central Park South. [more]

  • Tabak-69-75E125-Barnett

    From left: Eli Tabak, 69-75 East 125th Street (Photo credit: PropertyShark) and Gary Barnett

    The Bluestone Group purchased the debt on three mid-block Harlem buildings that make up most of a site with about 64,000 square feet of development rights, half a block from Bruce Eichner’s planned 320-foot residential towers. [more]

  • From left: Frank Ring and Gary Barnett

    From left: Frank Ring and Gary Barnett

    Extell Development officially acknowledged its 14-property Ring Portfolio acquisition today, a more than 1 million-square-foot package that includes 212 Fifth Avenue, 251 Park Avenue South and 17 West 60th Street.

    “Finding this size of a portfolio in this type of a market so perfectly positioned for re-development is really rare,” Dov Hertz, executive vice president of acquisitions for Extell, said in a release. [more]

  • Gary Barnett and the site at 225 West 57th Street

    Gary Barnett and the site at 217-225 West 57th Street

    The local community board has rejected Extell Development’s plan to cantilever its 1,550-foot skyscraper at 217-225 West 57th Street above a landmarked art school.

    Gary Barnett himself attended Thursday’s Community Board 5 meeting — along with a cadre of lawyers and consultants — to pitch his proposal to cantilever the building 291 feet above the Art Students League of New York. [more]

  • From left: 157 West 57th Street and Gary Barnett

    From left: 157 West 57th Street and Gary Barnett

    Extell Development has signed contracts for the majority of units at One57, but the remaining 30 percent — largely sandwiched in the middle of the 1,004-foot-tall Midtown skyscraper — are apparently not moving as quickly. [more]

  • Gary Barnett and Sheldon Solow

    Gary Barnett and Sheldon Solow

    The tables have turned on famously litigious landlord Sheldon Solow, who is now facing a lawsuit from another major Manhattan real estate player, Gary Barnett. [more]

  • An exterior shot of the Viceroy at 120 West 57th Street

    An exterior shot of the Viceroy at 120 West 57th Street

    It’s boom time for hotels in New York City. The overall number of Manhattan hotels is slated to jump about 10 percent to over 90,000 by the end of 2014, according to Jones Lang LaSalle Hotels, which tracks hotel developments in the pipeline.

    Manhattan’s expected growth in the hotel sector is the highest in the nation and is more than double the rate seen in Miami and Washington, the next-fastest growing urban markets, according to forecasts from Lodging Econometrics. [more]

  • From left: Frank Ring and Gary Barnett

    From left: Frank Ring and Gary Barnett

    Extell Development has signed a contract to buy 14 prime properties from Frank Ring, in a deal expected to close in a few months.

    While there’s no word yet on exactly how much Extell is paying, investment-sale brokers cited by the New York Post valued the portfolio at between $600 million and $800 million. [more]

    1 Comment
  • Frank Ring

    Frank Ring

    UPDATED, 11:25 a.m., Oct. 7: Brothers Frank and Michael Ring inherited 15 buildings in prime Manhattan locations, largely in and around the Flatiron District. But the majority of this potentially highly lucrative real estate sits vacant, due to protracted clashes between the brothers, who sold an interest in the portfolio to Extell in June. Now, Extell is suing to force a sale of the portfolio, some of which will be put up for auction this week.

    When Leo Ring died in 1998, his son Frank became the manager of his real estate portfolio, but both brothers inherited a 50 percent stake in it. Frank’s management firm is located at 212 Fifth Avenue, a 21-story tower which is mostly unoccupied despite its location overlooking Madison Square Park. [more]


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