Barnett: Central Park Tower will fall short of $4B sellout

Another Central Park Tower pad has sold for far less than its original ask, and developer Gary Barnett recognizes his supertall isn’t going to achieve the lofty sellout he once envisioned. The latest sponsor unit to sell at Billionaires’ Row’s tallest skyscraper went for $43 million, the Wall Street Journal reported , 33 percent less than the $63.8 million Barnett’s Extell Development originally sought when it placed it on the market in 2019. The anonymous

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New development sales plummeted 30% in July

Sales of new condominiums in July evoked the Tom Petty classic “Free Falling” — and it’s developers who are home with broken hearts. New development contract activity plummeted 30 percent last month, dipping below pre-pandemic levels for the first time all year. Developers reported 188 deals across the city, 37 percent fewer than in July 2019, according to a report by Marketproof. “There was one day in July where the contract numbers were so low

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Extell: Condo developer plotted to poach retail tenant

Gary Barnett’s Extell Development accused the developer behind one of Manhattan’s priciest condominiums of plotting to swindle Extell out of a $21 million lease and steal away a retail tenant. Attorneys representing the development firm filed a lawsuit Monday in Manhattan accusing Landsea Homes of breaching its contract to sell Extell a 11,200-square-foot retail unit at 540 Sixth Avenue. Extell also accused Landsea of attempting to strong-arm the closing of the unit while Extell was

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Ranking New York’s most active developers

New York City sprang back to life in the spring of 2021, and its busiest builders were no exception. In the past year, the city’s 20 most active developers filed plans to build nearly 16 million square feet of projects across the five boroughs. Now, they face a whole new set of headwinds entering the second half of 2022.  Inflation, rising interest rates, an erratic stock market and fears of a recession have made it

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Investor Robert Gans files for bankruptcy to thwart Barnett, Eli Tabak

Robert Gans, owner of a prized Hell’s Kitchen assemblage with lucrative potential, has filed for bankruptcy protection. Circling above is one of the city’s top developers: Gary Barnett. The Chapter 11 bankruptcy, which Gans filed earlier this week, will shield his property from a foreclosure sale scheduled for September by an affiliate of Barnett’s Extell Development and its partner, Eli Tabak’s Bluestone Group. Gans’ bankruptcy was first reported by Crain’s. A limited liability company controlled

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Checkmate for Papaya King: Extell files demo plans on UES

 Hot dog connoisseurs aren’t relishing the likely loss of Upper East Side institution Papaya King. Gary Barnett’s Extell Development filed demolition plans for 171-179 East 86th Street, the Patch reported. The site is home to the flagship Papaya King, which has been serving up hot dogs at the location for nearly a century. The developer’s plans for the site are unknown, as it didn’t respond to requests for comments from the publication. The low-rise corner

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Extell lands $125M loan for UES resi project

Gary Barnett’s L-shaped project scored a “W” this week thanks to a $125 million debt package that refinances the planned Upper East Side tower. German commercial lender Helaba provided the loan for Extell Development’s project at 1637 First Avenue, according to property records reported by the Commercial Observer. Helaba previously demonstrated its belief in the project in 2018, when it provided $118.2 million in financing to back the purchase of the 10 lots, along with

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Netflix bids on 289-acre land in New Jersey

Netflix is officially in the running for a large tract of land in New Jersey. So is one of New York City’s biggest developers. The streaming giant bid on the so-called “Mega Parcel” in Fort Monmouth on Monday, NJ.com reported. Bidders had until Monday at noon to submit proposals for the 289-acre land, a former Army base made available through the Fort Monmouth Revitalization Authority’s request for offers. Details on the bid were not available,

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Feil out, Extell in at big Brooklyn development

One major developer is handing off its Downtown Brooklyn project to another. Gary Barnett’s Extell Development signed a long-term ground lease with the Feil Organization at 356 Fulton Street, Crain’s reported. The $85.9 million deal signifies that Barnett’s firm will now helm the project. Whether Barnett will change the project is not clear. Last year, Feil filed plans for a 43-story building, which would encompass 475,000 square feet, including about 100,000 for commercial use. The

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Gary Barnett has something to say

Gary Barnett doesn’t do many interviews. But it turns out that he has a lot of opinions. The billionaire founder and president of Extell Development shared a few in a rare sit-down Thursday, including: that he should not have to pay millions of dollars to holdout tenants; that it’s wrong to say foreign buyers of luxury apartments are “parking their cash;” that rents are not soaring but returning to pre-pandemic levels; and that developers often

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