The Real Deal New York

Extell buys Midtown parking lot for $46M

Site holds 97,000 buildable square feet and can be combined with an adjacent lot
December 15, 2014 08:05AM

With the purchase of a parking garage at 251 West 45th Street for $45.8 million, Gary Barnett’s Extell Development is one step closer to creating a massive midtown development.

Champion Parking sold the property, a seven-story building that currently spans 52,186 square feet. The site holds a total of 97,000 buildable square feet. The lot is located next to another one of Extell’s properties, the New York Daily News reported. Gary Barnett‘s company, while known for its development of luxury towers such as One57, will likely build a hotel on the site, the newspaper reported.

Last year, Barnett acquired a part of the site through a property swap deal with Related Companies, which is developing Hudson Yards on the Far West Side. Since then, the newspaper reported, Barnett has been buying up air rights from nearby theaters. [NYDN] Claire Moses