Extell’s Gary Barnett and 734-736 Broadway

It seems Gary Barnett has finally triumphed in his nine-year effort to buy two loft buildings in Noho for $11 million, according to public records filed with the city today. Barnett’s Extell Development closed on the buildings, at 734 Broadway and 736 Broadway, last week, the filing shows.

For the past six years, Extell’s acquisition of the buildings has been stalled by infighting between the owners. Brothers Aaron, Ruben and Mordechai Muschel, who were willed the property by their father William Muschel, had been battling over the modest portfolio since their fathers’ death in 2001.

As The Real Deal previously reported, Barnett signed a $13 million contract to buy the two loft buildings in 2002. [more]

Gary Barnett, 736 Broadway and 734 Broadway

A disgruntled brother battling his two siblings over their late father’s New York City real estate portfolio threw another wrench into Gary Barnett’s nine-year effort to buy two loft buildings in Noho for $11 million.

The brother, Aaron Muschel, was not satisfied with a settlement filed by a judge in Manhattan federal bankruptcy court in December that sought to close more than six years of litigation. A compromise between Barnett, president of Extell Development, and at least one of the Muschel brothers brought an end to three related bankruptcy proceedings and opened the door to Barnett buying the attached properties, 734 and 736 Broadway, south of Astor Place. [more]

Gary Barnett sues real estate heir who is partial owner of 734 Broadway

Extell Development president Gary Barnett accuses an heir to a modest
Noho and Brooklyn real estate portfolio of breach of contract, unjust
enrichment and other charges and is seeking $790,000 in a lawsuit filed
this month. The filing by the developer of such luxury projects such as the
Rushmore at 80 Riverside Boulevard and 995 Fifth Avenue at 81st Street,
charges that Mordechai Muschel, who was a member of a partnership that
borrowed $5 million from another of Barnett’s companies, Intell
Management and Investment, now owes the developer at least $790,000,
but the two-paragraph filing does not explain why. The brief suit filed June 12 in New York State Supreme Court, known as
a summons with notice, lists Barnett alone as plaintiff, and Muschel as
the sole defendant. [more]