As soon as next week, Gary Barnett’s Extell Development is slated to sign a contract to sell the long-term ground leases on four Ring portfolio office buildings to the Kaufman Organization, Commercial Observer has learned.
The $150 million deal, to be sealed next week or the week afterward, will include 119-125 West 24th Street, 13-15 West 27th Street, 19-21 West 24th Street and 45-47 West 27th Street, a source with knowledge of the deal said.
The Real Deal reported advanced discussions between the parties on March 17.
Last year, Mr. Barnett purchased a large stake in a group of 14 Manhattan buildings owned by brothers Michael and Frank Ring from investor Joseph Tabak, Commercial Observer previously reported.
Extell declined to comment and Kaufman didn’t respond to a request for comment.