Extell Development has assembled another parcel in its quest to develop a new building at the corner of 96th Street and Broadway, according to The Real Deal. The Gristede’s market at that location closed earlier this year and this sale had been anticipated. The new project is now getting closer to development.
The assemblage Extell is gathering at the southwest corner of West 96th Street and Broadway would span well over 200,000 buildable square feet and result in a total of more than $100 million in purchases, sources said. Extell has been negotiating to buy air rights from nearby co-op buildings along 95th Street, including one set that is in contract for north of $300 per square foot, sources said. The developer entered contract in the spring, as The Real Deal first reported in May.
Now that the deal has closed, Barnett, who could not be reached for comment, is planning to demolish the corner building and develop a mixed-use condo property. Chase Manhattan, which still occupies the corner building, has a termination lease agreement.
The Gristede’s property alone offers more than 151,000 buildable square feet, according to The Real Deal.