John Lam’s purchase of Extell’s Chelsea garage tops $67M

New York /
Aug.August 21, 2013 05:20 PM

Hotelier John Lam has paid Extell Development $67.5 million for a Chelsea parking garage site primed for the development of a 270,000-square-foot hotel tower, according to commercial firm Massey Knakal Realty Services, which brokered the transaction.

The garage is home to a longstanding flea market known as the Chelsea Antiques Garage. Extell acquired it for $42.7 million in 2006 and filed plans for a 233,544-square-foot, 29-story hotel at the site, at 112 West 25th Street, in 2009.

Extell faced foreclosure at the site last year after Wells Fargo, the mortgage holder on the property, filed for permission from the New York State Supreme Court to take control of the garage and put it on the market. It claimed in the filing that Extell had an outstanding loan of close to $39 million on the property.

The deal for the building was originally reported by Crain’s, which did not include the price paid by Lam. The transaction has not yet hit public records.

Lam reportedly plans to plough $300 million into building a hotel at the site.

Massey Knakal’s Bob Knakal, who brokered the deal alongside colleague Brock Emmetsberger, said in a statement that the deal “illustrated the continued traction in the land market” in Manhattan. – Katherine Clarke


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's Gary Barnett and Central Park Tower
Central Park Tower condo sells for half its asking price
Central Park Tower condo sells for half its asking price
Gary Barnett with an aerial of 738 and 740 Eighth Avenue (Google Maps)
Extell’s Times Square megaproject advances with $82M deal
Extell’s Times Square megaproject advances with $82M deal
Extell’s Columbus Circle dev site dream is shrinking
Extell’s Columbus Circle development dream is shrinking
Extell’s Columbus Circle development dream is shrinking
Robert Herjavec and One57 (Getty, Beyond My Ken/Wikimedia)
Robert Herjavec buys One57 condo at $13M discount
Robert Herjavec buys One57 condo at $13M discount
Kevin Clayton with Central Park Tower (Clayton Homes, Central Park Tower)
CEO of modular homebuilder buys condo on Billionaires’ Row
CEO of modular homebuilder buys condo on Billionaires’ Row
Gary Barnett has another problem at UES site: a stabilized tenant
Gary Barnett has another problem at UES site: a stabilized tenant
Gary Barnett has another problem at UES site: a stabilized tenant
Gary Barnett and Jay and Stuart Podolsky in front of 1645 First Avenue (Getty, Google Maps)
Gary Barnett site has one problem: the Podolsky brothers
Gary Barnett site has one problem: the Podolsky brothers
arrow_forward_ios

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

Loading...