Barnett finally closes on $11M Noho portfolio

TRD New York /
Nov.November 23, 2011 02:15 PM

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. The buildings have tenants whose rent is regulated by the interim multiple dwelling laws.

The 11-story building at 736 Broadway has a total of 29,485 square feet, compromised 2,300 square feet of retail space and 11 commercial units, while 734 Broadway has 6,226 square feet altogether, made up of 128 square feet of retail and five residential units.

Barnett’s plans for the property were not immediately clear. Neither Barnett nor an attorney for the Muschel brothers was immediately available for comment.

Related Articles

One Manhattan Square Extell Development CEO Gary Barnett (Credit: Curbed NY)

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

Central Park Tower

Extell just went public with Central Park Tower listings

Brooklyn Point at 138 Willoughby Street and Extell Development’s Gary Barnett (Credit: Alistair Gardiner for The Real Deal)

And you get an incentive! Extell offers to pay carrying costs at Brooklyn’s tallest tower

Raizy Haas and Gary Barnett (Credit: Getty Images, iStock)

One of Gary Barnett’s longtime deputies is leaving Extell

Gary Barnett and 1855 Broadway (Credit: Google Maps)

Gary Barnett assembling Columbus Circle development site

Extell Development chairman Gary Barnett and One Manhattan Square (Credit: Anuja Shakya, StreetEasy)

Rent now, buy later at Extell’s One Manhattan Square

206 West 17th Street, 116 7th Avenue, and Extell Development’s Gary Barnett (Credit: Google Maps)

What rich people in NYC will pay to keep their view: TRD analysis