Extell’s plan for East Harlem development site revealed

Gary Barnett’s company files documents detailing nine-story office building

TRD New York /
Apr.April 10, 2020 02:00 PM
Gary Barnett and 149 East 124th Street (Credit: Google Maps)

Gary Barnett and 149 East 124th Street (Credit: Google Maps)

Extell’s controversial East Harlem development site is destined to become … a low-rise office building.

Gary Barnett’s company, known for soaring, shiny residential spires such as Central Park Tower, filed plans this week to construct a nine-story, 354,000-square-foot commercial building on the property, according to public records.

The building will stand 120 feet tall with the first floor dedicated to retail. About 41,000 square feet will be earmarked for a community facility.

Extell spent $70 million to assemble the block-long site, between Third and Lexington avenues and East 124th and 125th streets. It is known as the Harlem Pathmark site for the former supermarket at 149 East 124th Street.

In 2016, speculation arose that Barnett — whose calling card is ultra-luxury condos — could build up to 600 apartments on the site by tapping into the city’s affordable housing programs.

The developer began his assemblage in 2014 by purchasing the East 124th Street parcel for $39 million. He later bought out the supermarket’s lease at the property for $21 million. Extell also acquired a second plot that was previously a post office for $10 million.

The sale of the former supermarket site was controversial. The seller, Harlem landlord Abyssinian Development Corporation, became embroiled in a legal battle that ended with the nonprofit having to fork over $11 million to the city, whose Economic Development Corporation owned 49 percent of the property.

Some East Harlemites felt betrayed by Abyssinian for sacrificing its local supermarket. Then-Council Speaker Melissa Mark-Viverito said at the time that Abyssinian “threw this community under the bus.”

Extell filed plans in late 2016 to demolish the Pathmark. The developer also landed $65 million in financing from Apollo Commercial Real Estate Finance. Mortgage documents show JPM Ex Portfolio Seller LLC took over the note in 2018.

Write to Erin Hudson at [email protected]


Related Articles

arrow_forward_ios
One Manhattan Square Extell Development CEO Gary Barnett (Credit: Curbed NY)

Extell lands $690M refinancing package for One Manhattan Square

Extell lands $690M refinancing package for One Manhattan Square
Extell Development's Gary Barnett (Credit: Getty Images and iStock)

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

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

Extell just went public with Central Park Tower listings

Extell just went public with Central Park Tower listings
Clockwise from top left: 180 Ashland Place. 180 East 125th Street, 35 Commercial Street and 2440 Fulton Street (Credit: Google Maps)

The top 10 biggest real estate projects coming to NYC

The top 10 biggest real estate projects coming to NYC
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, Central Park Tower, and the Tel Aviv Stock Exchange Bull (Credit: Wikipedia, iStock)

Extell’s Israeli bonds put on downgrade watch

Extell’s Israeli bonds put on downgrade watch
Don Lemon and Tim Malone with their apartment at 2280 Frederick Douglass Boulevard 

CNN’s Don Lemon lists Harlem condo with fiancé broker Tim Malone

CNN’s Don Lemon lists Harlem condo with fiancé broker Tim Malone
Clockwise from the top: 500 East 30th Street, 1 Ellis Street and 2555 Broadway (Credit: Google Maps)

NYC’s 10 biggest new real estate projects

NYC’s 10 biggest new real estate projects
arrow_forward_ios

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

Loading...