Gary Barnett’s Extell Development has filed a lawsuit against the New York Institute of Technology (NYIT), alleging the school didn’t meet conditions necessary to close on its $90 million sale of 1855 & 1849 Broadway. Extell claims that the school is improperly holding onto the $4.5 million deposit.
- Property details: The property is located at the corner of Broadway and West 61st Street allows for the development of 78,234 square feet.
- Flashback: Barnett entered a contract in September 2019, with plans to stitch together an assemblage north of Columbus Circle. The firm already owns 17 West 60th Street, which allows for the development of 76,525 square feet.
- Dig Deeper: One of the conditions for the closing was that the school would, by October 30, 2020, have a relocation plan. Instead, NYIT has told students and others that it has no such plan, according to the lawsuit filed in NYS Supreme Court. The school has not yet filed response papers. [NYCountyClerk+SalesContract]