Extell sells Flatiron development site to first-time Manhattan buyer

TRD New York /
Sep.September 13, 2012 04:30 PM

UPDATE [Sept. 13 10:00 p.m.]: In an email to The Real Deal, Massey Knakal Realty Services Chairman Bob Knakal said the sale mentioned below never took place.

Extell Development has sold a Flatiron development site to Gale International, the Manhattan-based developer run by the same family that founded Long Island residential brokerage Daniel Gale Sotheby’s International Realty. The purchase marks the first Manhattan acquisition for Gale, Crain’s said, as it has mostly focused on the $35 billion development of a new city in South Korea.

The deal is for the land at 19-25 West 20th Street, which is a 9,200-square-foot lot and includes air rights to build three stories atop an adjacent seven-story parking garage. In 2008, Gary Barnett’s firm won Landmarks Preservation Commission approval to build a 15-story residential building on the vacant lot and attach it to three additional stories on the garage for a total of 19 units. It acquired the property, including the garage that was not part of the Gale deal, in 2008 for $28 million.

Massey Knakal Realty Services had the listing for the property and was asking about $300 per buildable square-foot. Extell’s plans had called for 38,845 square feet, according to Department of Buildings filings. [Crain’s]Adam Fusfeld


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
Clockwise from top left: 180 Ashland Place. 180 East 125th Street, 35 Commercial Street and 2440 Fulton Street (Credit: Google Maps)

The top 10 biggest real estate projects coming to NYC

The top 10 biggest real estate projects coming to NYC
Gary Barnett and 149 East 124th Street (Credit: Google Maps)

Extell’s plan for East Harlem development site revealed

Extell’s plan for East Harlem development site revealed
Central Park Tower and Gary Barnett

Pricey listings including UES townhouse, Central Park Tower condos go live

Pricey listings including UES townhouse, Central Park Tower condos go live
Gary Barnett, Central Park Tower, and the Tel Aviv Stock Exchange Bull (Credit: Wikipedia, iStock)

Extell’s Israeli bonds put on downgrade watch

Extell’s Israeli bonds put on downgrade watch
Clockwise from the top: 500 East 30th Street, 1 Ellis Street and 2555 Broadway (Credit: Google Maps)

NYC’s 10 biggest new real estate projects

NYC’s 10 biggest new real estate projects
arrow_forward_ios

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

Loading...