Extell Seals East Harlem Deal
Gus Delaporte April 18, 2014, 11:45 a.m.
Gary Barnett’s Extell Development has acquired 160 East 125th Street from the East Harlem Abyssinian Triangle for $39 million, according to published reports.
The site is currently leased to a Pathmark supermarket and includes 300,000 square feet of air rights and over 450,000 total buildable square feet with exclusionary housing bonuses, according to The Real Deal, which first reported the news.
“This was a complex transaction which required a pragmatic approach from both the buyer and seller,” said Victor Sozio of Ariel Property Advisors, who represented the seller, in a statement cited by TRD. “The site has been a valuable asset to East Harlem since it was developed in the 1990s and we believe it will continue to benefit the community for many years to come.”
The New York Daily News reported last week Extell had bid on the site with plans to build a condominium project with affordable housing. A day later, the News reported the East Harlem Abyssinian Triangle had ceased negotiations with the developer amid concerns over the potential development’s affordable housing component.
Mr. Sozio represented the seller alongside Shimon Shkury and Michael Tortorici.