Extell shells out $28.6M for air rights

Form left: Extell head Gary Barnett, Bob Knakal and 157 West 57th Street (building photo: PropertyShark)

Extell paid the Calvary Baptist Church $28.6 million to get 45,000 feet of developable air rights for its new tower at 157 West 57th Street, the New York Post reported. The company also agreed to provide development services within seven years, worth $2.5 million. Robert Knakal of Massey Knakal Realty Services, who sold another West 57th Street building for Extell after it was stripped of its air rights for the same tower, said he was “not surprised” about the arrangement. [Post, 5th item]