Extell sells Flatiron garage at new condo site

Skyway, Kash Group pay $32M for seven-story building

New York /
Jun.June 16, 2016 06:00 PM

The Kash Group’s Shlomo Bakhash and Skyway Development Group’s Steve Mashaal picked up a Flatiron District parking garage adjacent to a new 15-story condominium tower.

The developers paid $32.2 million to Extell Development for the seven-story, 52,300-square-foot property at 19 West 20th Street. Icon Parking has the ground lease, which expires in 2033.

Sources said Bakhash and Mashaal currently have no plans to redevelop the property.

Gary Barnett’s Extell has owned the garage since 2008, when it paid $28 million.

The garage is part of a site that has largely been developed into a 13-unit luxury condo developed by Gale International that opened last year. Gale had acquired the air rights above the garage for its project.

An Avison Young team led by Vincent Carrega, Neil Helman, Charles Kingsley and Jon Epstein represented the seller.


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'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
Kevin Clayton with Central Park Tower (Clayton Homes, Central Park Tower)
CEO of modular homebuilder buys condo on Billionaires’ Row
CEO of modular homebuilder buys condo on Billionaires’ Row
Gary Barnett has another problem at UES site: a stabilized tenant
Gary Barnett has another problem at UES site: a stabilized tenant
Gary Barnett has another problem at UES site: a stabilized tenant
Gary Barnett and Jay and Stuart Podolsky in front of 1645 First Avenue (Getty, Google Maps)
Gary Barnett site has one problem: the Podolsky brothers
Gary Barnett site has one problem: the Podolsky brothers
arrow_forward_ios

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

Loading...