Extell Development is purchasing a trio of buildings for a total of $103.3 million, with plans to demolish them to make space for a residential tower in the Upper East Side's Lenox Hill.
The move applies to the following properties, according to records posted by the New York City Department of Finance: 35, 37, and 39 East 60th Street, which were sold by Solil Management.
The move comes about a week after Crain's New York Business reported that Extell filed plans to demolish not only the three buildings, but 33 East 60 Street as well, which currently serves as a Chinese restaurant called Philippe Chow. Each of the buildings on East 60th Street stand roughly five stories, taking up roughly 28,000 square feet altogether.
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New reporting from the Commercial Observer said that the destruction of the buildings will help create space for a 37-story residential transformation — which Extell revealed after it bought 655 Madison Avenue in October for $160 million, and is also scheduled for demolition. The goal, at the time, was to transform 655 Madison into a 37-story residential asset spanning 193,000 square feet. The mixed-use project is slated to feature office, retail, and hotel space, along with 62 apartments.
Extell has continued to remain active in Manhattan. In the last month alone, the developer has sold two residential properties in the city: 355 East 86th Street in Yorkville ($50 million), and 171 West 57th Street ($25 million).
In 2024, New York Tri-State CRE investments dipped by 2.6 percent to $33.4 billion — with hotel, multifamily and retail sectors all seeing declines, according to a recent report from CBRE. However, the CRE firm is bullish about the Tri-State region this year, as it expects strong consumer spending, and the Federal Reserve to have flexibility on monetary policies, to help drive overall investments in the area.
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