Extell grabs 45K sf of air rights for 445-room Hard Rock Hotel

Project on West 48th St. could now span up to 225K sf

TRD New York /
Jun.June 06, 2017 08:30 AM

Extell Development bought 45,000 square feet of air rights to expand the 445-room Hard Rock Hotel it’s Building On West 48th Street.

The air rights are from a small park that’s next door to 1221 Sixth Avenue, the New York Post reported. The park and the Sixth Avenue building belong to Rockefeller Group. The cost of the rights was not made public, according to the newspaper, but the transaction is complete. The project could now be as large as 225,000 square feet.

The Gary Barnett-led firm teamed up last year with Hard Rock to build the hotel at 151-159 West 48th Street.

Extell TRData LogoTINY acquired the ground lease to the property for $26 million in 2011. Last year, Extell sued Bennett Brodie, who owns two four-story properties adjacent to Extell’s site, alleging he was slowing the construction of the hotel.

The hotel is slated to open in Spring 2019, but so far no demolition or construction plans have been filed with the Department of Buildings, according to the Post.

Last month, Crain’s reported Rockefeller Group was in contract to acquire Extell’s property at 30-32 East 29th Street, as part of an assemblage for a condominium project. [NYP]Miriam Hall

(To view more of Extell Development’s commercial sales transactions, click here)


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
Vornado CEO Steven Roth and a rendering of the Farley Post Office building (Getty, iStock, SOM)

Vornado will install facial recognition tech in all its buildings

Vornado will install facial recognition tech in all its buildings
Extell Development president Gary Barnett and Kushner Companies founder Charles Kushner with a rendering The Lofts at Pier Village in New Jersey (Rendering via Extell Development)

Kushner Cos. buys Gary Barnett out of development on NJ waterfront

Kushner Cos. buys Gary Barnett out of development on NJ waterfront
28 Liberty Street (Wikipedia)

Manhattan’s office leasing sees busiest month since January

Manhattan’s office leasing sees busiest month since January
Maison Kayser (Photo via Tools of Men via Flickr)

Maison Kayser may bid New York adieu

Maison Kayser may bid New York adieu
Newmark’s Brian Waterman with 7 Hanover Square (Google Maps, Twitter)

Newmark nabs REBNY prize for deal with NYC Health + Hospitals

Newmark nabs REBNY prize for deal with NYC Health + Hospitals
HNA Group’s Guoqing Chen, One57 and  and Gary Barnett (Godsfriendchuck via Wikipedia)

HNA’s fire sale continues with One57 deal

HNA’s fire sale continues with One57 deal
The legislation from a City Council member introduced a bill to temporarily repeal the commercial rent tax for businesses during the Covid-19 state of emergency. (Getty, iStock)

Commercial rent tax cut introduced in City Council

Commercial rent tax cut introduced in City Council
arrow_forward_ios

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

Loading...