The Real Deal New York

Extell’s condo project at 1010 Park can launch sales with $248M price tag

AG approved proposed building at Upper East Side church site in May
By Will Parker | June 12, 2017 12:30PM

Rendering of 1010 Park Avenue and Gary Barnett

A couple years after it was initially slated for demolition, an Upper East Side rectory is a step closer to its higher calling, thanks to its new maker, Gary Barnett TRData LogoTINY.

Barnett’s Extell Development can now launch sales for its 16-story condominium development at the site of the Park Avenue Christian Church, following acceptance of the project’s offering plan by the New York State Attorney General’s office.

The new development, located on Park Avenue between East 84th Street and 85th streets, will have just 11 apartments, but with a total target sellout price of $247.8 million, apartment sale prices will average a whopping $22.5 million a piece.

A representative for Extell was not immediately available for comment.

The 1010 Park Avenue condo would take the place of a rectory building that was owned by the adjacent church. In early 2015, Extell won approval from the Landmarks Preservation Commission to demolish the rectory and agreed to incorporate some of the rectory’s design elements into its own building. The main church building would escape the construction unscathed, however. The company reportedly paid the church more than $24 million for the rights to develop the space.

Beyer Blinder Belle is the project’s architect. Original construction plans filed in 2013 called for six more apartments than are listed in the current offering plan.

The project will out-price Toll Brothers City Living’s 9-unit (originally 11-unit) condo just down the street at 1110 Park Avenue. where the total offering price at the Barry Rice-designed building stands at $176 million after launching sales in 2014. A penthouse there is still on the market for $26 million.

Last month, TRD reported that the AG also cleared Extell’s $4 billion Central Park Tower for a sales launch. That project is the most expensive condo in New York City history.

Correction: An earlier version of this article incorrectly attributed the designer of Toll Brothers City Living’s 1110 Park Avenue.