Acquisitions
Extell sells development site at 530 Sixth Avenue
Published on
Gary Barnett’s firm paid $50M for the Greenwich village site in 2015
Landsea Homes and DNA Development have acquired a development site at 530 Sixth Avenue and 536-540 Sixth Avenue from Extell Development for $52.8 million. The Flatiron assemblage allows for the development of 63,454 square feet as currently constituted.
Acquisition financing: The partnership secured a $97 million senior and mezzanine loan from Mack Real Estate. After they acquire additional air rights from adjacent properties, expect them to build condos with ground floor retail.
Flashback: Extell paid $50 million to Duell family for the corner site at the end of 2015. This was one of five properties the family sold to Extell at the time.
