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New York

Extell sells Midtown garage for $37M

Barnett-led firm appears to have scrapped development plans

From left: 10 West 48th Street and Gary Barnett
From left: 10 West 48th Street and Gary Barnett

Gary Barnett’s Extell Development sold a Midtown parking garage for $37.2 million, according to property records filed with the city Tuesday. 

The company bought the five-story building  at 10 West 48th Street for $15.1 million in 2011 and last year filed permits to demolish it, but now apparently abandoned its development plans.

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The unidentified buyer is affiliated with the entity Cydonia W48 LLC. Attorney Peter Barack of Barack, Ferrazzano, Kirschbaum & Nagelberg LLP signed the deed as the LLC’s president. He declined to comment.

The new owner has the opportunity to build a 75,310-square-foot residential building on the lot as-of-right.

Extell is currently developing several high-rise buildings across Manhattan, but recently appears to have struggled to secure construction financing for some of them. The firm recently delayed the closing of a $463 million mezzanine construction loan from RXR Realty for three development projects – One Manhattan Square, 555 10th Avenue and 500 East 14th Street. According to sources, Extell had issues securing a senior loan for the projects.

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Extell Development