New York

Extell sells interest in two Chelsea buildings in $29M deal

Gary Barnett-led firm paid $11M for properties in December 2015

From left: <a class="lavamap_link" style="text-decoration: none !important; color: inherit; box-shadow:none !important; pointer-events: none; cursor: default;" href="https://lavamap.com/property/116-7-Avenue-South-New-York-NY-10014/1006190074-0" target="_blank" data-address="116%207%20Avenue%20South%2C%20New%20York" data-label="116%20Seventh%20Avenue" data-url="https%3A%2F%2Flavamap.com%2Fproperty%2F116-7-Avenue-South-New-York-NY-10014%2F1006190074-0" data-bbl="1006190074" data-blockValue="00619" data-lotValue="0074" data-zipcode="10014" data-bldgArea="22%2C240" data-bldgDepth="126.33" data-bldgFront="72.42" data-landUse="Comm%20%26%20office%20buildings" data-lotArea="12%2C950" data-lotFront="72.42" data-lotDepth="126.33" data-retailArea="22%2C240" data-resArea="0" data-officeArea="0" data-garageArea="0" data-strgeArea="0" data-factryArea="0" data-otherArea="0" data-bldgClass="K2" data-primaryZoning="C4-5" data-commercialOverlay="" data-far="3.44" data-buildable="44%2C548" data-airRights="22%2C274" data-propertyNeighborhood="West%20Village" data-latitude="40.7337884729731" data-longitude="-74.0031542721825" data-moreList="%5B%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FviewOnMap.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F116-7-Avenue-South-New-York-NY-10014%5C%2F1006190074-0%22%2C%22urlLabel%22%3A%22View%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2Fownership.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F116-7-Avenue-South-New-York-NY-10014%5C%2F1006190074-1%22%2C%22urlLabel%22%3A%22View%20Ownership%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FleaseComps.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Ftherealdeal.com%5C%2Fnew-research%22%2C%22urlLabel%22%3A%22TRData%22%7D%5D" data-articleList="%5B%5D" rel="noopener">116 Seventh Avenue</a> and <a class="lavamap_link" style="text-decoration: none !important; color: inherit; box-shadow:none !important; pointer-events: none; cursor: default;" href="https://lavamap.com/property/204-West-17-Street-New-York-NY-10011/1007660048-0" target="_blank" data-address="204%20West%2017%20Street%2C%20New%20York" data-label="204%20West%2017th%20Street" data-url="https%3A%2F%2Flavamap.com%2Fproperty%2F204-West-17-Street-New-York-NY-10011%2F1007660048-0" data-bbl="1007660048" data-blockValue="00766" data-lotValue="0048" data-zipcode="10011" data-bldgArea="2%2C918" data-bldgDepth="45" data-bldgFront="19" data-landUse="Multifamily%20walk-up%20buildings" data-lotArea="1%2C006" data-lotFront="19" data-lotDepth="52.92" data-retailArea="0" data-resArea="2%2C918" data-officeArea="0" data-garageArea="0" data-strgeArea="0" data-factryArea="0" data-otherArea="0" data-bldgClass="C3" data-primaryZoning="C6-3A" data-commercialOverlay="" data-far="7.52" data-buildable="7%2C565" data-airRights="4%2C647" data-propertyNeighborhood="Chelsea" data-latitude="40.7404972530441" data-longitude="-73.9987604401337" data-moreList="%5B%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FviewOnMap.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F204-West-17-Street-New-York-NY-10011%5C%2F1007660048-0%22%2C%22urlLabel%22%3A%22View%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2Fownership.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F204-West-17-Street-New-York-NY-10011%5C%2F1007660048-1%22%2C%22urlLabel%22%3A%22View%20Ownership%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FleaseComps.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Ftherealdeal.com%5C%2Fnew-research%22%2C%22urlLabel%22%3A%22TRData%22%7D%5D" data-articleList="%5B%5D" rel="noopener">204 West 17th Street</a> (inset: Gary Barnett)

From left: 116 Seventh Avenue and 204 West 17th Street (inset: Gary Barnett)

Extell Development sold the controlling interest in a pair of Chelsea buildings in a deal valued at $29 million, more than double what the Gary Barnett-led firm paid for the properties just six months ago.

The firm transferred ownership to an entity known as 717 Subsidiary LLC, which is controlled by A&H Acquisitions’ Alex Adjmi, property records show. The buildings include a three-story mixed-use building at 116 Seventh Avenue, as well as a four-unit residential building at 204 West 17th Street, according to filings. Combined, they offer 31,478 buildable square feet.

Adjmi confirmed that he acquired a controlling interest in the properties, but declined to comment further.

Extell bought the buildings last December for $11 million from Duell Management. To date, it has not filed permits for work at either site.

The two Chelsea buildings are among a string of properties Extell purchased from the family-run investment firm in December 2015.

In addition to the Chelsea buildings, Barnett paid Duell $11 million for 502 Third Avenue in late 2015. Earlier this year, Extell paid $20 million for a rental building at 27 Washington Square North in Greenwich Village, and it reportedly was also looking to scoop up 520 Sixth Avenue.

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New York

Extell sells interest in two Chelsea buildings in $29M deal

Gary Barnett-led firm paid $11M for properties in December 2015

From left: <a class="lavamap_link" style="text-decoration: none !important; color: inherit; box-shadow:none !important; pointer-events: none; cursor: default;" href="https://lavamap.com/property/116-7-Avenue-South-New-York-NY-10014/1006190074-0" target="_blank" data-address="116%207%20Avenue%20South%2C%20New%20York" data-label="116%20Seventh%20Avenue" data-url="https%3A%2F%2Flavamap.com%2Fproperty%2F116-7-Avenue-South-New-York-NY-10014%2F1006190074-0" data-bbl="1006190074" data-blockValue="00619" data-lotValue="0074" data-zipcode="10014" data-bldgArea="22%2C240" data-bldgDepth="126.33" data-bldgFront="72.42" data-landUse="Comm%20%26%20office%20buildings" data-lotArea="12%2C950" data-lotFront="72.42" data-lotDepth="126.33" data-retailArea="22%2C240" data-resArea="0" data-officeArea="0" data-garageArea="0" data-strgeArea="0" data-factryArea="0" data-otherArea="0" data-bldgClass="K2" data-primaryZoning="C4-5" data-commercialOverlay="" data-far="3.44" data-buildable="44%2C548" data-airRights="22%2C274" data-propertyNeighborhood="West%20Village" data-latitude="40.7337884729731" data-longitude="-74.0031542721825" data-moreList="%5B%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FviewOnMap.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F116-7-Avenue-South-New-York-NY-10014%5C%2F1006190074-0%22%2C%22urlLabel%22%3A%22View%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2Fownership.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F116-7-Avenue-South-New-York-NY-10014%5C%2F1006190074-1%22%2C%22urlLabel%22%3A%22View%20Ownership%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FleaseComps.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Ftherealdeal.com%5C%2Fnew-research%22%2C%22urlLabel%22%3A%22TRData%22%7D%5D" data-articleList="%5B%5D" rel="noopener">116 Seventh Avenue</a> and <a class="lavamap_link" style="text-decoration: none !important; color: inherit; box-shadow:none !important; pointer-events: none; cursor: default;" href="https://lavamap.com/property/204-West-17-Street-New-York-NY-10011/1007660048-0" target="_blank" data-address="204%20West%2017%20Street%2C%20New%20York" data-label="204%20West%2017th%20Street" data-url="https%3A%2F%2Flavamap.com%2Fproperty%2F204-West-17-Street-New-York-NY-10011%2F1007660048-0" data-bbl="1007660048" data-blockValue="00766" data-lotValue="0048" data-zipcode="10011" data-bldgArea="2%2C918" data-bldgDepth="45" data-bldgFront="19" data-landUse="Multifamily%20walk-up%20buildings" data-lotArea="1%2C006" data-lotFront="19" data-lotDepth="52.92" data-retailArea="0" data-resArea="2%2C918" data-officeArea="0" data-garageArea="0" data-strgeArea="0" data-factryArea="0" data-otherArea="0" data-bldgClass="C3" data-primaryZoning="C6-3A" data-commercialOverlay="" data-far="7.52" data-buildable="7%2C565" data-airRights="4%2C647" data-propertyNeighborhood="Chelsea" data-latitude="40.7404972530441" data-longitude="-73.9987604401337" data-moreList="%5B%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FviewOnMap.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F204-West-17-Street-New-York-NY-10011%5C%2F1007660048-0%22%2C%22urlLabel%22%3A%22View%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2Fownership.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F204-West-17-Street-New-York-NY-10011%5C%2F1007660048-1%22%2C%22urlLabel%22%3A%22View%20Ownership%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FleaseComps.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Ftherealdeal.com%5C%2Fnew-research%22%2C%22urlLabel%22%3A%22TRData%22%7D%5D" data-articleList="%5B%5D" rel="noopener">204 West 17th Street</a> (inset: Gary Barnett)

From left: 116 Seventh Avenue and 204 West 17th Street (inset: Gary Barnett)

Extell Development sold the controlling interest in a pair of Chelsea buildings in a deal valued at $29 million, more than double what the Gary Barnett-led firm paid for the properties just six months ago.

The firm transferred ownership to an entity known as 717 Subsidiary LLC, which is controlled by A&H Acquisitions’ Alex Adjmi, property records show. The buildings include a three-story mixed-use building at 116 Seventh Avenue, as well as a four-unit residential building at 204 West 17th Street, according to filings. Combined, they offer 31,478 buildable square feet.

Adjmi confirmed that he acquired a controlling interest in the properties, but declined to comment further.

Extell bought the buildings last December for $11 million from Duell Management. To date, it has not filed permits for work at either site.

The two Chelsea buildings are among a string of properties Extell purchased from the family-run investment firm in December 2015.

In addition to the Chelsea buildings, Barnett paid Duell $11 million for 502 Third Avenue in late 2015. Earlier this year, Extell paid $20 million for a rental building at 27 Washington Square North in Greenwich Village, and it reportedly was also looking to scoop up 520 Sixth Avenue.

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