The Real Deal New York

Extell unloads Diamond District building

June 11, 2009 11:36AM

alternate textGary 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.

Comments are closed.