Extell Nears $80M Sale of East 47th Street Site
Gary Barnett‘s Extell Development is close to selling off a four-building site with 128,034 buildable square feet for around $80 million, Commercial Observer has learned.
The four contiguous buildings at 131-141 East 47th Street between Third and Lexington Avenues have a combined $80 million asking price, according to the Massey Knakal Realty Services marketing materials. The site includes an 11-story parking garage and three, four-story mixed-use walkup buildings. It is a ground-up mixed-use development site, which has garnered interest from hotel as well as residential developers, according to Massey Knakal’s Robert Knakal, who is marketing the property with colleagues Clint Olsen, Jonathan Hageman, Ax Hayssen and Patrick Yannotta. Mr. Knakal expects to have a contract signed soon.
Sources with intimate knowledge of the deal said the asking price had been $81 million before being revised to $80 million.
While Mr. Knakal declined to cite the asking price, he said he expects to sell the site for “around the asking price.”
Extell bought the parking facility at 131-135 East 47th Street along with another one at 332 West 44th Street from Central Parking Corporation in January 2012 for $39 million. And he bought 139 East 47th Street for $5.5 million in May 2012, 137 East 47th Street for $8 million in May 2013 and 141 East 47th Street in October 2013 for $9 million, all from different sellers, property records indicate.
131-141 East 47th Street:
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Revealed: 131-141 East 47th Street, Hotel and Apartment Tower Coming to Midtown East
Yesterday, YIMBY featured a construction update on a new building rising at 145 East 47th Street (designed by C3D Architecture), which will stand 22 stories tall and host 93 hotel rooms, in addition to a top-floor apartment. Now, we can reveal the structure that will rise next door, on the site of four low-rise buildings that currently occupy 131-141 East 47th Street.
Extell acquired the site in bits and pieces before selling the assemblage late last year for $80 million, to a previously-unnamed Chinese developer. The new 25-story tower will measure almost 170,000 square feet, and it would appear to be divided between 73 apartments and 138 hotel rooms, while also including a 50-car garage at its base.
The images come from EB-5 documents sent to YIMBY, which do not divulge the tentative architect, but it would appear the building will resemble the standard Manhattan glass box. Minor ornamentation will adorn the project’s southeast corner in the form of metal bracing, and a terrace level will also bisect the tower at the 10th (or so) floor, likely dividing the apartments from the hotel.
For an anonymous stretch of Midtown, the design could be worse, though C3D Architecture’s project next-door offers a nicer alternative to what’s currently depicted for 131-141 East 47th Street.
While the effort to rezone Midtown East is targeted towards block-through sites along the avenues, allowing more residential development along side-streets should also be a priority. But even as proposed, 131-141h East 47th Street will feature a mix of uses, improving upon the dingy low-rises currently on-site.
Nothing’s happening. I would like to see the developer acquire the adjacent Roger Sherman on Lex. It’s an eyesore.
Jan 25, 2016
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I walked by earlier today and snapped a photo. (Will post later.)
Here’s a story which TRD just posted:
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I walked by here yesterday and was looking at that building with the setbacks. I did not realize this is where this project will be rising. cheers.
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New Look: 122-Unit Residential Tower at 131 East 47th Street, Midtown East
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From last week. The garage is coming down.
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