Chelsea residents paid Gary Barnett $11M to protect their views from a planned tower

Barnett had planned to build a 145-foot tower at Seventh Avenue and 17th Street

TRD New York /
Jul.July 22, 2019 10:30 AM
Extell Development's Gary Barnett (Credit: Getty Images and iStock)

Extell Development’s Gary Barnett (Credit: Getty Images and iStock)

Residents of a 12-story building in Chelsea were willing to spend $11 million just to protect their views.

The residents banded together in 2016 upon learning that developer Gary Barnett was planning to build a condo at Seventh Avenue and 17th Street standing 145 feet tall, according to the New York Times. Within a week, a group of residents at the nearby building sat down with him and offered to buy the air rights to stop him from building.

Barnett at first wanted much more than $11 million, but the two sides were eventually able to agree to make that figure work. After a few months of negotiations, residents unanimously voted to move forward with the deal, which had not been publicized until now.

A similar deal took place on East 67th Street, where residents of a nearby six-story building paid the Zen Studies Society $3.25 million for its air rights, guaranteeing that their views would not be blocked moving forward. But developers agreed that, overall, it was a very unusual maneuver.

“It’s not common,” Barnett told the Times. “Most of the time, they sue you and try and stop you somehow. These people stepped up to the plate and paid market value for the building rights.” [NYT]  — Eddie Small

New on The Real Deal: Read our new daily digest for a roundup of all the news and deals, big or small, in New York City. Updated three times a day. 


Related Articles

arrow_forward_ios
Central Park Tower

Extell just went public with Central Park Tower listings

Extell just went public with Central Park Tower listings
Gary Barnett taps outsider as CEO of Extell

Gary Barnett taps outsider as CEO of Extell

Gary Barnett taps outsider as CEO of Extell
Clockwise from left: 432 West 19th Street, 61-15 Metropolitan Avenue in Ridgewood, 45 West 39th Street and 1518 Macombs Road in the Bronx (Google Maps)

Charter school shells out $21 million for Bronx parcels

Charter school shells out $21 million for Bronx parcels
HNA Group’s Guoqing Chen, One57 and  and Gary Barnett (Godsfriendchuck via Wikipedia)

HNA’s fire sale continues with One57 deal

HNA’s fire sale continues with One57 deal
357 West 17th Street (Douglas Elliman)

Chelsea manse once listed for $37M sells after 41% price chop

Chelsea manse once listed for $37M sells after 41% price chop
Gary Barnett and 149 East 124th Street (Credit: Google Maps)

Extell’s plan for East Harlem development site revealed

Extell’s plan for East Harlem development site revealed
Central Park Tower and Gary Barnett

Pricey listings including UES townhouse, Central Park Tower condos go live

Pricey listings including UES townhouse, Central Park Tower condos go live
Gary Barnett and an aerial view of 2551 Broadway (Credit: Google Maps)

Extell proposes UWS mixed-use tower after completing assemblage

Extell proposes UWS mixed-use tower after completing assemblage
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...