Gary Barnett‘s firm Extell Development is assembling a $100 million plus Upper West Side development site with over 200,000 buildable sq. ft. at the southwest corner of West 96th Street and Broadway, The Real Deal reports.
The firm is preparing to acquire a two-story corner building anchored by a Gristedes supermarket at 262 West 96th St. for significantly more than $600 per buildable square foot and is in the process of gathering air rights from nearby buildings, according to the report. Once the assemblage is complete, the purchase price will be about $500 per buildable square foot.
The purchase of 262 West 96th St. – also known as 2551-2555 Broadway – should close in October, when the site will be ready for demolition. That building alone offers 126,000 buildable sq. ft., property records show. Extell is also negotiating to purchase air rights from the nearby co-op buildings along W. 95th St., the website reports.
An Eastern Consolidated team has been marketing the site, likely for a condominium project.
The Real Deal says the property is currently majority owned by philanthropist and real estate investor Susan Carmel Lehrman, widow of the late real estate executive Robert Carmel. Robert’s brother, Kenneth Carmel, owns the minority stake in the building and his son-in-law, Colliers International executive Robert Getreu, manages the property.