Extell sells West 57th Street office to CBS

Mid-market sales totaled $45M during the first week of February

New York /
Feb.February 09, 2021 08:00 AM
Gary Barnett’s Extell Development with the $26.7M building he sold. (500w57 via Twitter)

Gary Barnett’s Extell Development with the $26.7M building he sold. (500w57 via Twitter)

 

UPDATED, Feb. 17, 2021, 1:00 p.m.: Two mid-market deals were recorded last week for a total of nearly $57.7 million in transaction volume: one in Manhattan, and one in Brooklyn, both involving familiar players.

CBS Broadcasting expanded its Midtown campus while developer Steel Equities acquired its third building on the East Williamsburg-Bushwick border.

Here are more details of investment deals between $10 million and $30 million for the week ending Feb. 5.

1. Gary Barnett’s Extell Development sold a 24,000-square-foot office building at 500 West 57th Street in Midtown West for $26.7 million to CBS Broadcasting. Extell acquired the building in 2017 for $19 million.

CBS said it will use the building to support its existing operations; the sale expands the broadcaster’s 1 million-square-foot footprint on West 57th Street. The building was previously leased to an in-patient drug-rehabilitation facility, which now appears to be permanently closed.

2. Steel Equities acquired a 44,600-square-foot warehouse at 121 Morgan Avenue in East Williamsburg for $31 million, according to a source with knowledge of the deal. Joseph Tabak’s Princeton Realty and Joseph Brunner and Abe Mandel’s Bruman Realty owned the property in a 50-50 partnership. Princeton is retaining a 50 percent stake in the building as a part of the sale, the source said. A previous foreclosure lawsuit at the property was settled in January.

The building is Steel’s third acquisition in the neighborhood, near its others at 375 and 333 Johnson Avenue. The latter, which Steel purchased in 2018 for $53 million, was leased by Netflix and will contain six soundstages.




    UPDATE: This story has been updated to include the full sale price for 121 Morgan Avenue. 


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