The Hudson Yards district site is currently used as the 14,300-sf headquarters of the Stuart Dean Co. Currently the property consists of a two-story garage, a five-story walk-up, and an undeveloped irregular sliver of land totaling approximately 131 feet of frontage.

Eastern Consolidated's senior managing directors Eric M. Anton and Ronald Solarz, with analyst Paul Nigido exclusively represented the seller. They also procured the buyer.

"Zoning for the site, which includes air rights, vastly enhanced its value," explains Anton, "because ultimately a much larger building with an increased FAR may be built on the site." He says Barnett can purchase additional FARs' from the MTA in order to construct a building of approximately 315,360 sf.

Earlier this year, a joint venture comprised of Extell and the Carlyle Group signed an agreement to acquire a grouping of West Side residential locations currently owned by Donald Trump and a Japanese investment group for approximately $1.8 billion. The 77 acres are located from on a former rail yard along the Upper West Side from 59th to 72nd streets. The group then entered into an agreement to sell a residential portfolio that is part of that site to Equity Residential for $816 million.

City officials planning for the 40-year redevelopment of the Hudson Yards landscape that involves the 59-block area from West 30th Street to West 43rd Street, and Seventh and Eighth avenues to 12th Avenue. The approved plan includes bringing it to 26 million sf in commercial development. Residential and affordable housing programs could produce or preserve approximately 2,600 affordable housing units with a total of 13,600 new units.

Lonnie Schalton of Polsinelli Shalton Welte Suelthaus PC acted for the Extell Development. Robert A. Briedis of Rosenberg & Estis PC represented Stuart Dean.

Instant Insights /

Extell Wins Development Site for $23M

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