Extell to pay $120M to buy site at City Point

Deal with Acadia, Washington Sq. Partners could allow Barnett to build Brooklyn’s tallest tower
June 03, 2015 08:00AM

Gary Barnett is venturing into Brooklyn.

Extell Development has bought the last development site at City Point, a massive mixed use complex currently under construction in Downtown Brooklyn, the New York Times reported. Extell will pay $120 million to Washington Square Partners and Acadia Realty Trust, the developers who control the city-owned site.

Barnett told the newspaper that Extell will likely build rental units, that the tower could ultimately reach 60 stories — which would make it the tallest structure in the borough — and include 500 units. As part of the plan, Extell will also build a four-story, 60,000-square-foot shopping mall that Washington Square and Acadia will own. That mall will likely open in 2017.

It’s a nice site, it’s a significant size and it was a reasonable price, the developer told the Times. The deal reportedly took a year to complete. [NYT] — Claire Moses