The Real Deal New York

Extell sells Greenwich Village assemblage to Chinese firm

Landsea Homes and partner DNA Development paid $53M and took out a $97M loan
By Christian Bautista | September 14, 2018 03:35PM

Extell Development founder Garry Barnett (red) and Landsea Homes CEO John Ho (orange) and 530 Sixth Avenue (Credit: LinkedIn and Google Maps)

Extell Development cashed out of a Greenwich Village assemblage it bought two years ago, selling to Chinese firm Landsea Homes and DNA Development in a $52.8 million deal.

The buildings included in the transaction are 530 Sixth Avenue and 536-540 Sixth Avenue. The property at 530 Sixth is a four-story, 16,900-square-foot building that is home to eyewear retailer Moscot. The property at 536-540 Sixth is composed of three four-story buildings with a total square footage of 14,700 square feet.

Extell acquired the properties in a $50 million deal in 2016. The firm never announced plans for the site, nor did it file permits with the city’s Department of Buildings. The property offers 63,500 buildable square feet. That figure can be bumped up to 126,750 square with the acquisition of development rights from adjacent parcels.

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Landsea is planning to build a luxury residential property with ground floor retail. The company is funding the acquisition with a $97 million senior and mezzanine loan from Mack Real Estate. Patrick Hanlon, Sean Meehan and Ross Cumming of Ackman-Ziff Real Estate arranged the debt.

Landsea is currently building its first New York City condominium project at 212 West 93rd Street in the Upper West Side. The property, which Landsea is constructing with partner Leyton Properties, will feature 20 condo units and a 9,000-square-foot synagogue. Landsea announced plans to invest $1 billion in the US housing market in 2014. Its first project in the country was a luxury condo in Weehawken, New Jersey.

Extell did not immediately return requests for comment.