Gary Barnett‘s Extell Development has signed a contract to sell off a four-building site for in excess of the $80 million asking price, Commercial Observer has learned.
A Chinese developer is buying the four contiguous buildings at 131-141 East 47th Street between Third and Lexington Avenues, a source with intimate knowledge of the deal said.
Massey Knakal Realty Services’ Robert Knakal marketed the site with colleagues Clint Olsen, Jonathan Hageman, Ax Hayssen and Patrick Yannotta, as CO previously reported.
The 128,034-buildable-square-foot site includes an 11-story parking garage and three, four-story mixed-use walkup buildings.
Mr. Barnett previously told CO: “[These properties are] not strategic for us. They’re not that big.”
No further details were immediately available on the identity of the buyer or his broker. Mr. Knakal wasn’t immediately reachable for comment and nor was Mr. Barnett.