The Real Deal New York

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

Rezoning allows 46,000 sf on Broome Street property
By Katherine Clarke | September 20, 2013 11:45AM

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.