Extell looks to sell development near Hudson Yards

The site has 128,000 buildable sf
By Rich Bockmann | May 16, 2019 05:15PM

Gary Barnett and a rendering of 430 West 37th Street (Credit: Alistair Gardiner for The Real Deal)

Gary Barnett and a rendering of 430 West 37th Street (Credit: Alistair Gardiner for The Real Deal)

Gary Barnett is looking to sell a residential development site near Hudson Yards.

The mid-block site, at 430 West 37th Street, stretches through to West 36th Street and sits next the sunken Dyer Avenue that connects to the Lincoln Tunnel.

“This is a fantastic site that is effectively a block-front site that will have tremendous light and air and take advantage of its proximity to Hudson Yards,” said JLL’s Bob Knakal, who is marketing the property.

The suggested pricing for the development site is in the low $60 million range, or in the area of $468 per buildable square foot.

A representative for Extell Development could not be immediately reached.

Extell paid $15.1 million in 2011 to buy the site, which has 128,000 buildable square feet.

The property sits on West 37th Street between Ninth and 10th avenues, which puts it just outside larger area the city rezoned as part of Hudson Yards west of Tenth Avenue.

That’s where developers like Michael Fascitelli’s Imperial Companies and Lalezarian Properties have built rental towers, gentrifying the area which was formerly home to small manufacturing properties.

Extell last year was looking to sell the 600-unit rental building it developed a few blocks north at 555 Tenth Avenue.