Extell unloads Diamond District building
June 11, 2009 11:45AM
Gary Barnett's (right) Extell Development has sold 30 West 47th Street.By Adam Pincus
Extell Development sold a 10-story building at 30 West 47th Street for nearly $8 million less than the company paid for it last year after stripping it of air rights needed for its nearby Gem Tower.
Extell sold the property at 30 West 47th Street to Jemsa Realty for $42.5 million May 14, after going into contract in January, according to property records published yesterday.
The developer bought the property for $50.1 million in June 2008, then transferred air rights from the building to its under-construction, 32-story tower at 50 West 47th Street, city records show.
The Real Deal reserves the right to delete any comment it finds to be rude, obscene, racist, sexist, bigoted, irrelevant or repetitive, as well as inappropriate comments about anyone's personal appearance. The Real Deal does not endorse any comments posted on its Web site nor does it verify the veracity of comments or the identity of posters.
Comments
Anonymous
Does anyone know how many air rights did they transfer?
Comment #1 Posted By: Anonymous 06/11/09
Anonymous
The building is a dump and Extell is going to lure away every creditworthy jewelry company in the area to their state-of-the-art building.. BUYERS ARE SCREWED
Comment #2 Posted By: Anonymous 06/11/09
Anonymous
how many feet did he buy for that 8 million dollar "loss?"
Comment #3 Posted By: Anonymous 06/11/09
Anonymous
The city should not have allowed such a tall building like the Gem there, that street has a bunch of great 1920s setback buildings, and it gives light and air to the taller buildings around it on 6th and fifth.
Comment #4 Posted By: Anonymous 06/11/09
Anonymous
55,000 sf for 42.5 M$, that's more than 700$/sf... Who does deals like that for a class C office building?
Comment #5 Posted By: Anonymous 06/11/09
Anonymous
#8 - get a kleenex and get a hold of yourself.
Comment #6 Posted By: Anonymous 06/11/09
Anonymous
Well, it proves that some Manhattan buildings still have value, not like the AIG crap....
Comment #7 Posted By: Anonymous 06/11/09
Anonymous
pricing makes no sense. the building shouldnt be worth more than $300 sf. maybe its a related party
Comment #8 Posted By: Anonymous 06/11/09
Anonymous
It's not a surprise. Gary was one of the most aggressive buyers during the early to middle part of the 2000s. He often overpaid and doesn't really seem to know what he's doing. His people are very well connected, but they are long on arrogance and short on talent.
Comment #9 Posted By: Anonymous 06/11/09
Allen
People, this needs to stop! Seriously, what good will come out of this BS that you post here and all the other blogs. Get a life and do something productive with you life. In regard to Gary, we need more people like him. These are the kind of people that build this country, provide jobs and put food in peoples mouths. The bloggers that use this useless negativity are the ones that usually benefit from people like Gary.. they are the arrogant ones here.. except, they provide nothing good and useful to the community! Seriously, get a job and do something useful other than spreading hate online.
Comment #10 Posted By: Allen 06/12/09
Anonymous
In the name of Stephen Johns, learn tolerance and unlearn bigotry. Learn quickly before his name is forgotten and all we remember is the name of James Von Brunn.
Comment #11 Posted By: Anonymous 06/12/09
Shmegle
Buildings on 47th are old, small, and crap. We need to build New, Big, and Secure buildings that keep us safe, and help us save time while conducting business. I dont know how the financial part of this will work out but HELL YES we need such a building!
Comment #12 Posted By: Shmegle 07/21/09
Anonymous
Does anyone know who the new rental company is?
Comment #13 Posted By: Anonymous 07/29/09