Barnett’s Extell pays $80M for Bracha’s 57th Street property

New York /
Oct.October 24, 2011 04:18 PM

Gary Barnett’s Extell Development paid $80 million for a five-story commercial building that residential broker Ilan Bracha and development partner Haim Binstock bought in 2007 for $60 million.

Bracha, the chairman of the New York City office of residential firm Keller Williams, and Binstock, purchased 16-18 West 57th Street, between Fifth and Sixth avenues, in 2007 through their B&B Investment Group, with hopes to build a 28-story mixed-use tower.

Instead, their original lender Petra Capital Management sold the loan to a company affiliated with Barnett earlier this year, The Real Deal reported. Efforts to develop the site stalled after buying out some commercial tenants, and now the building is occupied only on the third and fifth floors.

The sale went into contract in April 2011, and closed on Oct. 12, city property records published today show.

Bracha and Binstock did not immediately respond to requests for comment and Barnett declined to 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
Raphael Sitruk, Michael Hania and David Mayer (Jonathan Grassi, iStock)
Top Keller Williams agent defects to Corcoran
Top Keller Williams agent defects to Corcoran
Gary Barnett along with renderings of 1637 First Avenue (Extell Development, iStock)
Extell lands $125M loan for UES resi project
Extell lands $125M loan for UES resi project
Netflix co-founder Reed Hastings (Getty Images, iStock)
Netflix bids on 289-acre land in New Jersey
Netflix bids on 289-acre land in New Jersey
Gary Barnett and a rendering of 356 Fulton Street in Brooklyn (Extell Development, iStock)
Feil out, Extell in at big Brooklyn development
Feil out, Extell in at big Brooklyn development
Richard Amato (LinkedIn, iStock)
Keller Williams franchisee Richard Amato adds 2 offices, 251 agents
Keller Williams franchisee Richard Amato adds 2 offices, 251 agents
arrow_forward_ios

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

Loading...