Extell Development, which is headed by Gary Barnett, has acquired the low-rise building occupied by Stuart Dean, the building facade restorers, at 366 Tenth Avenue between 30th and 31st Street for $23 million.
Eric Anton, senior director of Eastern Consolidated Properties, who handled the transaction with Ron Solarz and Paul Nigdio of the same firm, told CityRealty.com today that because the site lies within the Hudson Yards district the new owner may be able to develop a mixed-use building containing a hotel and residential condominiums on the site. He said such a building could well be 50 stories or so by acquiring air rights under the zoning.
The city rezoned much of the Hell's Kitchen area to accommodate a plan by the Bloomberg Administration to build a new football stadium over the exposed train yards that run into Penn Station. The plan, which was promoted by Deputy Mayor Dan Doctoroff, was designed to tie into an expansion of the No. 7 subway line, an expansion of the nearby Jacob K. Javits Convention Center and the creation of a new north-south boulevard with high density development of both offices and apartments.
The stadium plan fell through, but the rezoning was enacted and it permits the highest development FARs (floor-to-area ratios) in the city: 21.6. (In contrast much of the development on the Upper East Side and the Upper West Side is limited to a maximum of FAR of about 10 and in downtown areas like Chelsea and TriBeCa FARs are considerably lower.
Mr. Anton said that Extell had not yet selected an architect for the project and that he did not have further details on the number of hotel rooms, apartments and stories.
Extell has become one of the city's most aggressive acquirers of property in recent years.
It is converting the former Stanhope Hotel at 995 Fifth Avenue to residential condominiums and is building the 60-story condo tower known as the Orion on West 62nd Street.
In addition, in June it and The Carlyle Group agreed to acquire three apartments buildings and land between 59th and 65th Streets near the Hudson River from a consortium of Hong Kong investors and Donald Trump for $1.76 billion. Carlyle and Extell at that time also agree to allow Equity Residential acquire the three apartments in the transaction.
Extell is also building Ariel East and and Ariel West across from one another at Broadway and 99th Street, and it made an offer to develop high-rise towers and a Nets stadium over railyards in Brooklyn, a giant project that was subsequently awarded to Forest City Ratner. Extell's bid offered smaller buildings and did not invoke the use of eminent domain.
Eric Anton, senior director of Eastern Consolidated Properties, who handled the transaction with Ron Solarz and Paul Nigdio of the same firm, told CityRealty.com today that because the site lies within the Hudson Yards district the new owner may be able to develop a mixed-use building containing a hotel and residential condominiums on the site. He said such a building could well be 50 stories or so by acquiring air rights under the zoning.
The city rezoned much of the Hell's Kitchen area to accommodate a plan by the Bloomberg Administration to build a new football stadium over the exposed train yards that run into Penn Station. The plan, which was promoted by Deputy Mayor Dan Doctoroff, was designed to tie into an expansion of the No. 7 subway line, an expansion of the nearby Jacob K. Javits Convention Center and the creation of a new north-south boulevard with high density development of both offices and apartments.
The stadium plan fell through, but the rezoning was enacted and it permits the highest development FARs (floor-to-area ratios) in the city: 21.6. (In contrast much of the development on the Upper East Side and the Upper West Side is limited to a maximum of FAR of about 10 and in downtown areas like Chelsea and TriBeCa FARs are considerably lower.
Mr. Anton said that Extell had not yet selected an architect for the project and that he did not have further details on the number of hotel rooms, apartments and stories.
Extell has become one of the city's most aggressive acquirers of property in recent years.
It is converting the former Stanhope Hotel at 995 Fifth Avenue to residential condominiums and is building the 60-story condo tower known as the Orion on West 62nd Street.
In addition, in June it and The Carlyle Group agreed to acquire three apartments buildings and land between 59th and 65th Streets near the Hudson River from a consortium of Hong Kong investors and Donald Trump for $1.76 billion. Carlyle and Extell at that time also agree to allow Equity Residential acquire the three apartments in the transaction.
Extell is also building Ariel East and and Ariel West across from one another at Broadway and 99th Street, and it made an offer to develop high-rise towers and a Nets stadium over railyards in Brooklyn, a giant project that was subsequently awarded to Forest City Ratner. Extell's bid offered smaller buildings and did not invoke the use of eminent domain.
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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