Extell sells interest in two Chelsea buildings in $29M deal

Gary Barnett-led firm paid $11M for properties in December 2015

New York /
Jul.July 06, 2016 01:22 PM

Extell Development sold the controlling interest in a pair of Chelsea buildings in a deal valued at $29 million, more than double what the Gary Barnett-led firm paid for the properties just six months ago.

The firm transferred ownership to an entity known as 717 Subsidiary LLC, which is controlled by A&H Acquisitions’ Alex Adjmi, property records show. The buildings include a three-story mixed-use building at 116 Seventh Avenue, as well as a four-unit residential building at 204 West 17th Street, according to filings. Combined, they offer 31,478 buildable square feet.

Adjmi confirmed that he acquired a controlling interest in the properties, but declined to comment further.

Extell bought the buildings last December for $11 million from Duell Management. To date, it has not filed permits for work at either site.

The two Chelsea buildings are among a string of properties Extell purchased from the family-run investment firm in December 2015.

In addition to the Chelsea buildings, Barnett paid Duell $11 million for 502 Third Avenue in late 2015. Earlier this year, Extell paid $20 million for a rental building at 27 Washington Square North in Greenwich Village, and it reportedly was also looking to scoop up 520 Sixth Avenue.


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
Extell Development's Gary Barnett and 32 West 48th Street (Google Maps)

Extell makes its Diamond District hotel official

Extell makes its Diamond District hotel official
Joseph Tabak

Portrait of a deal junkie: The Joseph Tabak story

Portrait of a deal junkie: The Joseph Tabak story
217 West 57th Street with Extell Developement's Gary Barnett and Corcoran's Pamela Liebman (Photos via Extell; Barnett via Anuja Shakya)

Extell brings on Corcoran Sunshine to help market Central Park Tower

Extell brings on Corcoran Sunshine to help market Central Park Tower
Bed Bath & Beyond at 620 6th Avenue and CEO Mark Tritton (Google Maps; Getty; iStock)

Bed Bath & Beyond will renovate, not close, Chelsea store

Bed Bath & Beyond will renovate, not close, Chelsea store
Lanhee Yung and Sush Torgalkar (Photos via Cornell; Getty)

Extell, Starwood alums seek $500M for “contrarian” investing

Extell, Starwood alums seek $500M for “contrarian” investing
arrow_forward_ios

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

Loading...