Extell shopping First Avenue multifamily buildings next to Gristedes site

Gary Barnett's firm bought the properties for $29M in 2014

TRD New York /
Nov.November 23, 2016 01:00 PM

Gary Barnett’s Extell Development is shopping a pair of multifamily buildings at 1647-1651 First Avenue after stripping them of their air rights, sources told The Real Deal.

Extell plans to use the more than 20,000 square feet of unused air rights attached to the property for its planned tower next door at 350 East 86th Street, formerly the site of a Gristedes store.

The company bought the buildings, which total 24,000 square feet, for a combined $29 million in 2014, records show. Sources said Barnett TRData LogoTINY is seeking a hefty profit on a prospective sale, but the site is now devoid of air rights.

Combined, the buildings house 35 residential units.

A spokesperson for Extell declined to comment on marketing the property.

Extell purchased the Gristedes site for $93 million in July, securing a $54.9 million acquisition loan from Bank of the Ozarks.

The new tower is rumored to be 20 stories tall, but, so far, no official plans have been filed for the project.


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
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
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
Extell's Gary Barnett and a rendering of 50 West 66th Street (Courtesy of Snøhetta)

Judge throws cold water on Extell’s UWS condo development

Judge throws cold water on Extell’s UWS condo development
Tel Aviv Stock Exchange bull (Wikimedia Commons)

NYC developers face downgrades on Israeli bond market

NYC developers face downgrades on Israeli bond market
arrow_forward_ios

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

Loading...