Extell Development sold the Encore, a 25-story rental building at 301 West 53rd Street, to Westbrook Partners for $165 million. Extell and Westbrook entered into a partnership to buy the building two years ago for $131 million. The deal follows Extell’s recent sale of 17 East Village walk-up buildings to Westbrook for $97.5 million, and it could point to the fact that the two investors’ former partnership is ending. A spokesperson for Extell said the deals represent a “restructuring” in the partnership and a “rearrangement” of Extell’s portfolio. more [NYO]
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Extell, Westbrook ‘restructuring’
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