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New York

Extell to pay $120M to buy site at City Point

Deal with Acadia, Washington Sq. Partners could allow Barnett to build Brooklyn’s tallest tower

Rendering of City Point Towers in Downtown Brooklyn
Rendering of City Point Towers in Downtown Brooklyn

Gary Barnett is venturing into Brooklyn.

Extell Development has bought the last development site at City Point, a massive mixed use complex currently under construction in Downtown Brooklyn, the New York Times reported. Extell will pay $120 million to Washington Square Partners and Acadia Realty Trust, the developers who control the city-owned site.

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Barnett told the newspaper that Extell will likely build rental units, that the tower could ultimately reach 60 stories — which would make it the tallest structure in the borough — and include 500 units. As part of the plan, Extell will also build a four-story, 60,000-square-foot shopping mall that Washington Square and Acadia will own. That mall will likely open in 2017.

“It’s a nice site, it’s a significant size and it was a reasonable price,“ the developer told the Times. The deal reportedly took a year to complete. [NYT] — Claire Moses

 

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Acadia Realty TrustCity PointExtell DevelopmentGary Barnett