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Acquisitions

Extell finalizes UES assemblage

Developer has been piecing the site together for years

Extell’s Gary Barnett (Credit: WSJ)

Gary Barnett’s Extell Development has entered into contract to acquire the final pieces of a development site in Yorkville. Barnett is planning to build a residential tower on First Avenue between East 79th and 80th Streets, according to TRD.

Secret Sauce: In some of the deals, Barnett had other investors act as a shield to maintain the secrecy of the assemblage. For example, although property records indicated that Martin Hollander had acquired 1516+1518 First Avenue for $14.8 million, Extell was the real buyer.

Be Smart: With a total of 10 parcels, the site allows for the construction of around 200,000 SF. However, Barnett intends to pursue an inclusionary housing bonus, which would bring the size to at least 250,000 SF.

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