Extell offloads Far West Side dev site for $52M

ZD Jasper picked up parcel with three industrial buildings

New York /
Mar.March 28, 2022 03:00 PM

ZD Jasper’s Jasper Wu and Extell’s Gary Barnett with 430 West 37th Street (ZD Jasper, Getty, Google Maps)

Extell Development is moving on from a Far West Side site, selling it for more than $50 million.

Gary Barnett’s firm sold the three-parcel site to Tom Zhidong Wu’s ZD Jasper Realty for $51.7 million, according to a deed recorded on Friday. The deal closed on March 24.

The three-parcel site spans three addresses, each housing an industrial building. According to PincusCo, the three properties combine for more than 28,000 square feet of built space and 90,000 square feet of additional rights, creating nearly 119,000 square feet of buildable space.

Barnett finished acquiring the three sites — two adjacent lots at 430 West 37th Street, 434 West 37th Street and another one at 429 West 36th Street — in 2011 from Central Parking System for $44 million. It wasn’t clear at the time what Extell was planning for the site, but it never came to pass.

In 2014, Barnett made a play for at least $30 million worth of air rights from the Port Authority of New York & New Jersey. Those air rights were seemingly in service of a potential residential development at the site.

A rendering from the firm BARCHs, reported in 2018 by City Realty, showed a 32-story project that could accommodate 470 housing units, including 80 for affordable housing. Amenities in the rendering included a fitness center and a rooftop garden.

Extell and ZD Jasper did not return requests for comment.

Extell recently purchased part of the former Walt Disney Company-owned ABC campus on the Upper West Side for about $930 million. The developer scored at least $900 million in acquisition financing to buy the campus from Silverstein Properties.

ZD Jasper surfaced last year when it purchased a 7,500-square-foot parcel at 45-17 Davis Street in Hunters Point, Queens for $11 million. The developer has plans for a 21-story, 90,000-square-foot mixed-use building with 82 residential units.





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