CBS Buys Extell Property at 500 West 57th for $27M

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CBS Broadcasting bought 500 West 57th Street from Extell Development Company for $26.7 million, property records show.

The seven-story property between 10th and 11th avenues is near the CBS Broadcast Center at 524 West 57th Street and is adjacent to the vacant 504-506 West 57th Street owned by CBS. 

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A spokesperson for ViacomCBS confirmed the sale and said the building would be used to support the operations of its adjacent building.

The sale, which closed on Jan. 22 but hit records on Wednesday, comes after GlobeSt.com reported ViacomCBS was in talks to put the 600,000-square-foot 524 West 57th up for sale while it downsizes its workforce and shifts it to other properties around the city.

ViacomCBS told GlobeSt.com that the report was inaccurate, but that it is in the process of reviewing its real estate portfolio. (The building at 524 West 57th has yet to sell.)

Gary Barnett’s Extell bought 500 West 57th for $19 million in 2018 and the property is fully leased to substance abuse treatment center ACI, The Real Deal reported.

A spokesperson for Extell did not immediately respond to a request for comment. It was unclear who brokered the deal.