Peter Hauspurg, chairman and CEO of Eastern Consolidated

NEW YORK CITY—Extell Development has acquired a development site at 255 Broadway on the Upper West Side for $80 million.

The transaction was reported by brokerage firm Eastern Consolidated, which represented the seller, a family-owned entity that owned the building since the mid-1980s. The property at 2555 Broadway offers up to more than 151,000 square feet of buildable square feet with inclusionary air rights.

The two-story commercial building is leased to Chase Manhattan Bank and also housed a Gristede's supermarket. Plans call for the building to be razed and the site combined with other components to create a larger assemblage for a mixed-use condominium project, Eastern Consolidated reports.

Peter Hauspurg, chairman and CEO, and Brian Ezratty, vice chairman and principal with Eastern Consolidated exclusively represented the seller. Ezratty also procured Extell Development to the deal. The analyst for the offering was Gary Meese, senior director of financial services for the brokerage firm.

“This prime corner property will be part of a larger assemblage that will include additional development rights from adjacent property owners,” Ezratty says. “The demand for development sites like this speaks to the continued strength of Manhattan's condominium market, particularly on the Upper West Side where condos are trading for well over $2,000-per-square-foot.”

The site offers nearly 126,000 square feet of zoning floor area as of right, and approximately 152,000 square feet of zoning floor area with an inclusionary bonus, which when combined with additional development rights from adjacent property owners, could result in well in excess of 200,000 buildable square feet.

“The southwest corner of Broadway and West 96th Street is a highly visible location that is ideal for a mixed-use development,” Hauspurg said. “The site benefits from heavy foot traffic throughout all hours of the day because it's across from a subway station and located in a densely populated neighborhood.”

In May, Eastern Consolidated's Ezratty arranged the nearly $100-million sale of a prime NoMad residential development assemblage offering 170,000 buildable square feet across three contiguous buildings at 30-36 East 29th St. between Park Avenue South and Madison Avenue and surrounding air rights to the Rockefeller Group. Extell Development was a partner in the ownership of the site that sold the property to the Rockefeller Group.

Earlier this month, the Eastern Consolidated's capital advisory team arranged a $215-million construction loan for the construction of a 27-story luxury condo tower at 537 Greenwich St. in Hudson Square to a joint venture of real estate investment firms Strategic Capital Forum, Absolute Capital Partners and Cape Advisor. Strategic Capital is the New York-based investment arm of China Construction America.

Instant Insights /

Extell Development Buys West Side Site for Condo Project

Related Stories

Recommended For You