Hudson Square flip: Barnett’s Extell wants $20M for church site

Rezoning allows 46,000 sf on Broome Street property

TRD New York /
Sep.September 20, 2013 11:45 AM

Gary Barnett’s Extell Development is trying to flip a contract it has to buy a development site in the Hudson Square area, The Real Deal has learned exclusively.

Extell wants $20 million for 568 Broome Street, the same amount that it paid for the lot and a nearby one at 32 Dominick Street in June, a source told TRD. The developer is keeping the Dominick Street site, where a townhouse stands. The Broome Street lot is home to the closed Our Lady of Vilnius, a church owned by the Archdiocese of New York.

The Broome Street site had a price tag of $17.9 million when it was listed this spring by Massey Knakal Realty Services’ Robert Burton, Carlos Olson and Joshua Gruber.

Neither Extell nor Massey Knakal immediately responded to requests for comment.

A rezoning of the Hudson Square neighborhood allows the 3,800-square-foot lot to support a commercial or residential development of 46,000 square feet, it was previously reported.

Extell already holds a 10 percent interest in a ground lease at Nearby 74 Charlton Street in Hudson Square. The firm acquired the leasehold on the 15,142-square-foot vacant lot in 2007 for $17.5 million, but sold 90 percent of it earlier this year to Angelo Gordon & Co. for $52 million. That transaction paves the way for a high-end residential project at the site, which can support a development of up to 181,535 square feet.

Related Articles

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

Extell lands $690M refinancing package for One Manhattan Square

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

José Cuervo owner Juan Beckmann Vidal and 1010 Park Avenue (Credit: Getty Images, StreetEasy)

Mexican billionaire buys Park Ave pad for $25M amid shopping spree

From left: 241 East 73rd Street, 1514-1528 First Avenue, and Extell Development's Gary Barnett (Credit: Google Maps)

Here’s what the $10M–$20M NYC investment sales market looked like last week

Neighbors sue to block Extell’s UWS tower after city OKs amended plans

Neighbors sue to block Extell’s UWS tower after city OKs amended plans