Extell sells site that triggered legal tangle with Sheldon Solow

Firm unloads hotly contested property on West 57th Street for $95M

TRD New York /
Sep.September 10, 2014 02:10 PM

Extell Development’s Gary Barnett sold off the Midtown development site at the center of the firm’s lawsuit with landlord Sheldon Solow.

The five-story building at 16-18 West 57th Street traded for $95 million, according to public records. The property has 24,000 square feet and comes with 75,000 square feet of buildable air rights.

It wasn’t immediately clear who bought the building. Public records listed the buyer as a recently-formed LLC, New York 05212014.

Extell put the vacant building on the market last year, after buying the five-story property for $80 million in 2011 from Ilan Bracha, founder of Keller Williams NYC, and Bracha’s development partner Haim Binstock. At the time, Extell outbid Solow for the property in what some said was an attempt to prevent Solow from assembling a large development site while he was developing One57, Extell’s luxury condo tower at 157 West 57th Street.

Solow owns 10-14 West 57th Street and 20-22 West 57th Street, as well as an office building at 9 West 57th Street.

In a lawsuit filed in October 2013, Extell accused Solow of impeding development at the building. Extell said it needed access to three of Solow’s nearby properties to conduct structural surveys prior to demolition.

In March, Judge Debra James sided with Extell and granted the developer a license to enter Solow’s properties at 10-14 West 57th Street, 20-22 West 57th Street and 19-21 West 56th Street.

Related Articles

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

Extell lands $690M refinancing package for One Manhattan Square

Gary Barnett

Quantifying the rise and fall of NYC’s condo market

50 West 66th Street and Extell Development CEO Gary Barnett (Credit: Binyan Studios via Curbed NY)

Extell accuses City Club of reneging on settlement over UWS tower

Extell Development chairman Gary Barnett with 555 Tenth Avenue and 524 East 14th Street (Credit: Barnett by Anuja Shakya, 555ten and StreetEasy)

Extell scores $700M refi for three Manhattan buildings

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