Gary Barnett’s Extell Development paid $80 million for a five-story commercial building that residential broker Ilan Bracha and development partner Haim Binstock bought in 2007 for $60 million.
Bracha, the chairman of the New York City office of residential firm Keller Williams, and Binstock, purchased 16-18 West 57th Street, between Fifth and Sixth avenues, in 2007 through their B&B Investment Group, with hopes to build a 28-story mixed-use tower.
Instead, their original lender Petra Capital Management sold the loan to a company affiliated with Barnett earlier this year, The Real Deal reported. Efforts to develop the site stalled after buying out some commercial tenants, and now the building is occupied only on the third and fifth floors.
The sale went into contract in April 2011, and closed on Oct. 12, city property records published today show.
Bracha and Binstock did not immediately respond to requests for comment and Barnett declined to comment.