GID pays $265M for latest slice of Riverside Center site

Boston-based firm makes second deal with Extell, Carlyle Group for UWS project

New York /
Dec.December 04, 2015 12:55 PM

GID Development Group just picked up another slice of Extell Development and the Carlyle Group’s Riverside Center project on the Upper West Side, paying roughly $265 million for three adjacent parcels on the site.

Boston-based GID paid nearly $210 million for 20 Riverside Boulevard and another $55 million for two vacant parcels along West End Avenue and Riverside Boulevard, according to property records filed with the city Friday. The deal for the three properties — which feature a combined 1.1 million buildable square feet along West 59th Street, between West End and 12th avenues — closed Nov. 18.

The development firm bought a separate portion of the Riverside Center project, at 40 Riverside Boulevard, from Gary Barnett’s Extell and the Carlyle Group for nearly $411 million earlier this year.

GID subsequently applied for permits to construct a 37-story, 595-unit residential tower at 40 Riverside Boulevard. The firm, led by James Linsley, partnered with the Abu Dhabi Investment Authority on the deal and was reportedly negotiating with Wells Fargo to secure a $1 billion development loan for three buildings at Riverside Center.

GID and Carlyle did not return requests for comment. A spokesperson for Extell declined to comment on the matter.


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
79 Clifton Place, 80-01 37th Avenue, 45 East Mosholu Parkway North (LoopNet, Google Maps)
Residential dealmakers storm city’s investment sales market
Residential dealmakers storm city’s investment sales market
Extell's Gary Barnett and Central Park Tower
Central Park Tower condo sells for half its asking price
Central Park Tower condo sells for half its asking price
Gary Barnett with an aerial of 738 and 740 Eighth Avenue (Google Maps)
Extell’s Times Square megaproject advances with $82M deal
Extell’s Times Square megaproject advances with $82M deal
Extell’s Columbus Circle dev site dream is shrinking
Extell’s Columbus Circle development dream is shrinking
Extell’s Columbus Circle development dream is shrinking
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
arrow_forward_ios

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

Loading...