The Real Deal New York

Posts Tagged ‘gary barnett’

  • 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]

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  • 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]

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  • 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]

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  • 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]

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  • 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]

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  • 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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  • From left: Vornado's Steven Roth, 220 Central Park South and Gary Barnett

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

    Vornado Realty Trust and Extell Development appear to have buried the hatchet in their feud over side-by-side development lots between West 57th Street and Central Park South, and Seventh Avenue and Broadway. [more]

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  • From left: Izak Senbahar, 56 Leonard Street, Gary Barnett and unlucky 13

    From left: Izak Senbahar, 56 Leonard Street, Gary Barnett and unlucky 13

    New Yorkers aren’t thought of as being particularly superstitious, but developers don’t want to take any chances. Less than 5 percent of mid- and high-rise residential condominium buildings in Manhattan and Brooklyn have a designated 13th floor, according to an analysis of 1,500 condo declarations by real estate listings site and data provider CityRealty. [more]

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  • From left: Gary Barnett, a rendering of One Hudson Yards, and Stephen Ross

    From left: Gary Barnett, a rendering of One Hudson Yards, and Stephen Ross

    The Related Companies and Extell Development have closed on a property swap deal on Manhattan’s West Side. Related gets Extell’s 56-story, 1.7-million-square-foot office tower at 11th Avenue and 34th Street and Extell gets Related’s development site at Eighth Avenue and West 45th Street. [more]

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  • Gary Barnett, 251 Park Avenue South and Frank Ring

    Gary Barnett, 251 Park Avenue South and Frank Ring

    The widely anticipated auction of 251 Park Avenue South, owned by F.M. Ring Associates and Gary Barnett’s Extell Development, has been postponed to Oct. 9. The 120,000 square-foot, prewar office tower at East 20th Street was scheduled to hit the block Aug. 28.

    Barnett purchased a 50 percent interest in the 16-story building located on the corner of 20th Street in December for $19 million, as The Real Deal reported. He has been engaged in a dispute with F.M. Ring, and has claimed that the building – which is 75 percent vacant despite its prime Midtown South location – has been mismanaged. [more]

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  • From left: A rendering of One57, some of the banned pets and Gary Barnett

    From left: A rendering of One57, some of the banned pets and Gary Barnett

    Gary Barnett’s One57 is opening its doors to the world’s elite – but not to their pigs. Other exotic critters, including gerbils, ponies and bunnies, are also animalia non grata in the 90-story tower. [more]

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  • From left: 211 West 58th Street, Gary Barnett and 232 West 58th Street

    From left: 211 West 58th Street, Gary Barnett and 232 West 58th Street

    Things are certainly in tune for Carl Demler. After making a killing from Extell Development’s ambitions for a West 57th Street skyscraper, the owner of Beethoven Pianos has managed to stay put on Piano Row, paying about $8.65 million for a building just down the road from the property he sold to Gary Barnett, The Real Deal has learned. [more]

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  • From left: Nordstrom's discount store at Union Square and the site at 225 West 57th Street

    From left: Nordstrom’s discount store at Union Square and the site at 225 West 57th Street

    Retailer Nordstrom has shelled out $102.5 million for the site of its planned Midtown flagship store which will anchor Extell Development’s residential condominium skyscraper at 225 West 57th Street. Seattle-based Nordstrom’s New York store will occupy the first seven floors of the 88-story tower that will stretch 1,550 feet, according to property records. [more]

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  • Extell unloads Midtown East assemblage

    August 22, 2013 12:47PM
    Gary Barnett and 138 East 50th Street

    138 East 50th Street and Gary Barnett

    Gary Barnett’s Extell Development sold a development site that lies within Mayor Michael Bloomberg’s ambitious Midtown East rezoning plan last week to a joint venture including Robert Skolnick and Ceruzzi Properties, several sources told The Real Deal. [more]

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  • BarnettIGT

    A rendering of the International Gem Tower located at 50 West 47th Street and Gary Barnett

    Gary Barnett’s Extell Development has closed on a deal with the Gemological Institute of America to purchase three floors in its International Gem Tower for $51.2 million, The Real Deal has learned.

    The sale, which hit city records today, closed July 25. Back in 2010, the renowned gem institute had planned to set up its only research “laboratory” in a 30,000-square-foot space in the 21-story, 425,000-square-foot building at 50 West 47th Street, Extell vice-president of development Jeff Torkin told The Real Deal today. [more]

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  • From left: Extell’s Gary Barnett, 40 Riverside Blvd. rendering and Carlyle’s William Conway Jr.

    From left: Extell’s Gary Barnett, a rendering of 40 Riverside Boulevard and Carlyle’s William Conway Jr.

    Imagine if the federal government abolished food stamps and replaced them with need-based price mandates on supermarkets. That is, supermarkets would be required to make a percentage of their sales at regulated “affordable” prices to needy families. The regulated prices would often be below cost, so supermarkets would raise prices on everybody else to make up for the loss. [more]

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  • Gary Barnett and a rendering of One57

    Gary Barnett and a rendering of One57

    Gary Barnett’s Extell Development has secured a round-the-clock work permit for his luxury One57 project, infuriating neighborhood residents who say there is no respite from construction, DNAinfo reported.

    The city allows workers at the 90-story condo and hotel project at 157 West 57th Street to run the exterior elevator and work on its crane from 12 a.m. to 11:59 p.m. every day from Aug. 5 to 18, including weekends, according to Department of Buildings documents seen by DNAinfo. Those permits are just the latest of more than 300 DOB variances issued over the past year allowing after-hours work at the site. [more]

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  • From left: Gary Barnett, a rendering of One57 and Gov. Andrew Cuomo

    From left: Gary Barnett, a rendering of One57 and Gov. Andrew Cuomo

    Entities affiliated with Gary Barnett’s Extell Development made more than $300,000 in donations to Governor Andrew Cuomo since May 2012, when Cuomo was weighing a 421-A tax abatement housing bill that would effectively save Extell $35 million over a decade at One57, the New York Daily News reported. [more]

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  • barnett-cuomo

    From left: Gary Barnett and Andrew Cuomo

    Two affiliates of Extell Development gave a $100,000 donation to Gov. Andrew Cuomo, a few weeks before he signed a law allowing Gary Barnett’s firm and four others to reap lucrative new development tax benefits, the New York Daily News reported. Those benefits are currently under investigation from a corruption task force that Cuomo himself created. [more]

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  • Gary Barnett, Joseph Sitt and Larry Silverstein

    Gary Barnett, Joseph Sitt and Larry Silverstein

    Three of New York City’s biggest developers have been slapped with subpoenas from a state corruption panel investigating huge tax breaks that they received in a law enacted just this year, the Wall Street Journal reported. Gary Barnett’s Extell Development, Larry Silverstein’s Silverstein Properties and Joseph Sitt’s Thor Equities are being asked to turn over reams of correspondence, including years of correspondence with lobbyists and elected officials, a source who examined a subpoena from the Moreland Commission to Investigate Public Corruption told the newspaper. [more]

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