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Project on West 48th St. could now span up to 225K sf
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 [TRDataCustom] 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)