Gale International moves forward with Flatiron condo plans

Project is company’s first in Manhattan

New York /
Jan.January 15, 2013 03:30 PM

Gale International has closed on the purchase of a development site at 21 West 20th Street. The investment and development firm, which last fall agreed to purchase the property from Gary Barnett’s Extell Development, has also acquired air rights needed to move ahead with the construction of a 15-story luxury condominium tower at the site, The Real Deal has learned.

Gale — best known for its role as the master plan developer of the $35 billion, 1,500-acre Songdo International Business District in South Korea — paid $9.75 million for the property, the company told The Real Deal today. Bob Knakal of Massey Knakal Realty Services brokered the deal, which was Gale’s first in Manhattan.

Knakal said of the deal: “This was not the most straight forward site with several contextual issues but the number of interested parties was significant.”

The 15-story tower, scheduled for completion in 2014, is expected to consist of 12 units, including three 100-foot-wide penthouses with private outdoor spaces, a spokesperson for the developer said.

All units will have direct elevator access. The architecture firm Beyer Blinder Belle has designed the building, which will have a glass, steel, and brick façade.

“We intend to leverage the extensive experience gained in the global markets to deliver an unparalleled product in Manhattan,” said Stan Gale, chairman and managing partner of Gale International.

The Gale family has long been a force in New York and Long Island real estate. When Stan Gale’s daughter, residential broker Katherine Gale, joined Long Island brokerage Daniel Gale Sotheby’s last year, she was the fourth generation in her family to work at the firm, which her great-grandfather founded in 1922.


Related Articles

arrow_forward_ios
Kirk Goodrich, president of Monadnock Development, is opposed to the bill sponsored by Bran Lander. (Getty, Monadnock Development)

Council bill favoring nonprofits for affordable housing will hurt minority-led firms: developers

Council bill favoring nonprofits for affordable housing will hurt minority-led firms: developers
TF Cornerstone President Frederick Elghanayan with 2-10 54th Avenue and 55-01 Second Street in Long Island City (Google Maps)

The 10 biggest new project filings in NYC

The 10 biggest new project filings in NYC
Neil Shekhter (Shekhter by Kevin Scanlon; iStock)

Santa Monica mega-portfolio officially hits market

Santa Monica mega-portfolio officially hits market
A rendering of 250 Water Street and Howard Hughes Corporation CEO David O'Reilly (SOM; Getty; iStock)

Howard Hughes’ Seaport project dealt major blow

Howard Hughes’ Seaport project dealt major blow
Ray McGuire photographed by Axel Dupeux.

The Closing: Ray McGuire

The Closing: Ray McGuire
SK Development's Scott Shnay and Ironstate's Michael Barry (Google Maps, Scott Shnay via LinkedIn)

Noho offices move forward where city wants housing

Noho offices move forward where city wants housing
Gov. Andrew Cuomo and Brookfield’s Brian Kingston with the High Line and the Moynihan Train Hall (Getty)

New High Line section will connect to Moynihan Train Hall

New High Line section will connect to Moynihan Train Hall
Mickey Rabina and 520 Fifth Ave. (Rabina, Ceruzzi Properties)

Rabina files plans for 70-story tower at beleaguered Fifth Ave site

Rabina files plans for 70-story tower at beleaguered Fifth Ave site
arrow_forward_ios

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

Loading...