Extell sells Flatiron garage at new condo site

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

TRD 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

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

Extell lands $690M refinancing package for One Manhattan Square

WeWork leases in Soho and Flatiron could be in trouble, according to a report (Credit: iStock)

WeWork leases in Soho, Flatiron most at risk: report

Extell Development chairman Gary Barnett and One Manhattan Square (Credit: Anuja Shakya, StreetEasy)

Rent now, buy later at Extell’s One Manhattan Square

José Cuervo owner Juan Beckmann Vidal and 1010 Park Avenue (Credit: Getty Images, StreetEasy)

Mexican billionaire buys Park Ave pad for $25M amid shopping spree

From left: 241 East 73rd Street, 1514-1528 First Avenue, and Extell Development's Gary Barnett (Credit: Google Maps)

Here’s what the $10M–$20M NYC investment sales market looked like last week

Neighbors sue to block Extell’s UWS tower after city OKs amended plans

WATCH: Gary Barnett on the residential market, Brooklyn and discounts at
One Manhattan Square

Outfoxed a decade ago by Gary Barnett, Marty Burger pays $10M for Carlton House pad