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

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
Joseph Tabak

Portrait of a deal junkie: The Joseph Tabak story

Portrait of a deal junkie: The Joseph Tabak story
Bed Bath & Beyond at 620 6th Avenue and CEO Mark Tritton (Google Maps; Getty; iStock)

Bed Bath & Beyond will renovate, not close, Chelsea store

Bed Bath & Beyond will renovate, not close, Chelsea store
Extell's Gary Barnett and a rendering of 50 West 66th Street (Courtesy of Snøhetta)

Judge throws cold water on Extell’s UWS condo development

Judge throws cold water on Extell’s UWS condo development
A rendering of 556 West 22nd Street (Photo by BASIS Independent Schools)

Private school to expand in former Chelsea Art Museum building

Private school to expand in former Chelsea Art Museum building
HFZ Capital’s condo the XI has sold 38 of its 236 units (iStock)

HFZ’s Chelsea condo now effective, with 16% of units sold

HFZ’s Chelsea condo now effective, with 16% of units sold
Gary Barnett and Sush Torgalkar with 225 West 57th Street, 225 West 86th Street, and 169 Columbia Heights in Brooklyn (Credit: Getty Images, iStock, and CityRealty)

Torgalkar out as CEO of Extell: sources

Torgalkar out as CEO of Extell: sources
arrow_forward_ios

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

Loading...