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

TRD New York /
Jun.June 03, 2015 08:00 AM

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

 

Related Articles

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

Extell lands $690M refinancing package for One Manhattan Square

Extell lands $690M refinancing package for One Manhattan Square
Extell Development's Gary Barnett (Credit: Getty Images and iStock)

Chelsea residents paid Gary Barnett $11M to protect their views from a planned tower

Chelsea residents paid Gary Barnett $11M to protect their views from a planned tower
Central Park Tower

Extell just went public with Central Park Tower listings

Extell just went public with Central Park Tower listings
Clockwise from top left: 180 Ashland Place. 180 East 125th Street, 35 Commercial Street and 2440 Fulton Street (Credit: Google Maps)

The top 10 biggest real estate projects coming to NYC

The top 10 biggest real estate projects coming to NYC
Gary Barnett and 149 East 124th Street (Credit: Google Maps)

Extell’s plan for East Harlem development site revealed

Extell’s plan for East Harlem development site revealed
Central Park Tower and Gary Barnett

Pricey listings including UES townhouse, Central Park Tower condos go live

Pricey listings including UES townhouse, Central Park Tower condos go live
Gary Barnett, Central Park Tower, and the Tel Aviv Stock Exchange Bull (Credit: Wikipedia, iStock)

Extell’s Israeli bonds put on downgrade watch

Extell’s Israeli bonds put on downgrade watch
38-42 12th Street (Credit: Google Maps)

Joint venture plans 400K sf commercial project for LIC

Joint venture plans 400K sf commercial project for LIC
arrow_forward_ios

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

Loading...