The Real Deal New York

Barnett boosts projected sellout to $901M at DoBro condo

Extell raises total sellout projection to $901M at City Point tower
February 23, 2018 06:06PM

Gary Barnett and City Point Brooklyn at 138 Willoughby Street

Gary Barnett is looking to sell condominium units for as much as $4 million at his mixed-use tower in the City Point complex in Downtown Brooklyn.

“That’s what passes as affordable nowadays,” the Extell Development chief told the New York Times.

Extell is shooting for a sellout of $901 million for the condos, which would be a record for Brooklyn. That’s up from the $838 million Extell had said it would aim for in 2016.

Barnett is also planning a record $4 billion sellout in Manhattan at his One Central Park tower.

The 68-story Brooklyn Point tower, Extell’s first in the borough, will have 458 condo units with prices ranging from $837,000 for studios to three-bedrooms starting at $2.9 million, according to the Times.

The Kohn Pedersen Fox-designed building will be the third tower at the 1.8 million-square-foot, mixed-use City Point project.

“We wanted something substantial enough to bring Extell from Manhattan,” Barnett said.

Extell paid $120 million to buy the site at 138 Willoughby Street in 2015 from Washington Square Partners and Acadia Realty Trust. [NYT]Rich Bockmann