Rockefeller Group Is Buying Three Nomad Buildings On East 29th Street and the air rights from neighboring properties so it can build a large-scale condominium project.
The company is in contract to acquire Extell Development’s 30-32 East 29th Street, along with 34 and 36 East 29th Street, Crain’s reported. The company is also buying the air rights from neighboring properties, and plans to build an 170,000 square foot residential building with at least 100 units.
The building at 34 East 29th Street is owned by W Brothers, according to the publication, and Michael Aryeh owns 26 East 29th Street.
Gary Barnett’s Extell bought the 21,900-square-foot building at 30-32 East 29th in 2015 for $25.8 million from the Retail, Wholesale and Department Store Union (RWDSU), sources told The Real Deal last year.
It’s not clear yet what Rockefeller paid for properties and the air rights. Sources told TRD last year that Extell’s property and development rights could fetch more than $550 per buildable square foot, or more than $74 million.
Rockefeller, a subsidiary of Mitsubishi Estate, owns buildings such as 1271 Sixth Avenue and 1221 Sixth Avenue. The company has joined with F&T Group and AECOM Capital to develop Flushing Commons, a commercial and residential development in Queens.
A Rockefeller spokesperson would not provide specific details, but told Crain’s the company is in contract to purchase parcels and surrounding air rights in the Madison Square Park area, “which would create a large assemblage in what we consider a very desirable neighborhood.” [Crain’s] — Miriam Hall
(To view a list of properties owned by Extell Development, click here)