Barnett buys Diamond District building for $73 million at auction

New York /
Feb.February 10, 2011 02:31 PM
Gary Barnett and 20 West 47th Street

Gary Barnett won the 14-story office building located at 20 West 47th Street at a judicial sale today in the rotunda of The State Supreme Court building at 60 Centre Street, with a winning bid of $73 million (note: correction appended).

Barnett, president of Extell Development, beat out multiple bidders, including Parkway Realty and Bluestone Group, for the building between Fifth and Sixth avenues.

“We think the price for a 150,000-[square-foot] building, close to Fifth Avenue, with a large jewelry exchange made sense for us to purchase,” Barnett said in an e-mail. “We expect the whole block to be upgraded once the International Gem Tower (which his firm is building on the same block at 50 West 47th Street) goes vertical, which will be within two months.”

Bluestone Group bid up to $65.25 million, where it stopped bidding, a source at the auction said. Parkway and Barnett competed until $73 million, at which point Barnett won, the insider, who asked not to be identified, said.

Barnett was a 75 percent owner of the building, and Frank and Michael Ring, of F.M. Ring Associates, owned the remaining 25 percent, court records show.

Barnett only needs to pay $18.25 million, however, because he already owns 75 percent of the building, court records indicated.

Bluestone Group did not respond to requests for comment, and Parkway could not immediately be reached for comment.


Related Articles

arrow_forward_ios
One Manhattan Square Extell Development CEO Gary Barnett (Credit: Curbed NY)
Extell lands $690M refinancing package for One Manhattan Square
Extell lands $690M refinancing package for One Manhattan Square
Extell Development's Gary Barnett (Credit: Getty Images and iStock)
Chelsea residents paid Gary Barnett $11M to protect their views from a planned tower
Chelsea residents paid Gary Barnett $11M to protect their views from a planned tower
Central Park Tower
Extell just went public with Central Park Tower listings
Extell just went public with Central Park Tower listings
North Dakota businessman scoops up 2nd unit in Extell’s One57
North Dakota businessman scoops up 2nd unit in Extell’s One57
North Dakota businessman scoops up 2nd unit in Extell’s One57
Extell to build UES building around 2 occupant holdouts
Extell to build UES building around 2 occupant holdouts
Extell to build UES building around 2 occupant holdouts
From left: Robert Mercer with 48-05 Metropolitan Avenue and Gary Barnett with 17 West 60th Street (Getty, Google Maps, Bulado General Contractors Corp)
$730M loan bundle funds slew of NYC projects
$730M loan bundle funds slew of NYC projects
Gary Barnett and Central Park Tower at 217 West 57th Street
Why Gary Barnett is selling Central Park Tower at 25% off
Why Gary Barnett is selling Central Park Tower at 25% off
Extell Development chairman Gary Barnett and the empty lot between 79th and 80th on First Avenue (Google Maps)
Extell building 30-story medical tower on UES
Extell building 30-story medical tower on UES
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...