Extell makes deal for Harlem Pathmark official

Seller finally approved sale for $39M

New York /
Apr.April 16, 2014 06:45 PM

Extell Development has officially purchased a 68,676-square-foot East Harlem retail property home to a Pathmark supermarket, The Real Deal has learned.

The building, at 142-96 East 125th Street, is under a long-term lease with Pathmark and includes approximately 300,000 square feet of residential air rights and over 450,000 total buildable square feet with inclusionary housing bonuses. Extell secured the site for $39 million.

Victor Sozio, Shimon Shkury and Michael Tortorici of Ariel Property Advisors represented the seller, the East Harlem Abyssinian Triangle Limited Partnership, and procured the buyer.

“This was a complex transaction which required a pragmatic approach from both the buyer and seller,” Sozio said in a statement. “The site has been a valuable asset to East Harlem since it was developed in the 1990s and we believe it will continue to benefit the community for many years to come.”

East Harlem Abyssinian Triangle board members were reportedly squabbling over the agreement with Extell, according to reports in the Daily News, but finally approved the deal last week.


Related Articles

arrow_forward_ios
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
Kathryn Garcia backers include Extell's Gary Barnett, BFC Partners' Donald Capoccia, and L+M's Ron Moelis and David Dishy (Getty, BFC, L+M)
Gary Barnett throws $50K behind PAC supporting Kathryn Garcia
Gary Barnett throws $50K behind PAC supporting Kathryn Garcia
Extell's Gary Barnett and One57 (Getty)
One57 is 90% sold: Extell announces Q1 sales
One57 is 90% sold: Extell announces Q1 sales
Extell sells One57 sponsor unit for $17M
Extell sells One57 sponsor unit for $17M
Extell sells One57 sponsor unit for $17M
The soft market for luxury units has some developers hard up. (Getty)
Buyers taking advantage of New York City’s condo glut
Buyers taking advantage of New York City’s condo glut
arrow_forward_ios

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

Loading...