Extell sells Flatiron garage at new condo site

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

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.

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