Extell Set to Sell 180 East 125th Street Development Site for $70M
By Isabelle Durso September 13, 2024 12:41 pm
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Gary Barnett’s Extell Development is in contract to sell its former Harlem Headquarters development site at 180 East 125th Street to an unknown buyer for about $70 million, records show.
The developer recently filed that it went into contract to offload the site with the Tel Aviv Stock Exchange and did not identify a buyer, according to PincusCo, which first reported the news. The development is listed with the address 2288 Third Avenue in the filing.
While no potential buyers have been named yet, one hat in the ring is JCS Realty’s Jacob Schwimmer, who created a shell company called 180 E125th Realty in June, PincusCo reported.
If the transaction goes through, Extell is set to cash $64 million in net revenue, according to the Tel Aviv Stock Exchange filing. All bids must be submitted by Sept. 23, but the buyer has the option to extend the deadline to Nov. 7.
Spokespeople for Extell and JCS Realty did not immediately respond to requests for comment.
Extell first filed plans in 2020 for an office building project at 180 East 125th Street, which it christened Harlem Headquarters because of its prominent East Harlem location. But in 2023, Extell switched up the proposal for the site to become a 543-unit residential building with a 6,194-square-foot Brooklyn Fare grocery shop on the ground floor instead, PincusCo reported.
Also in 2023, the Metropolitan Transportation Authority handed Extell $82 million to buy a 15-story “mixed-use building” development site at next-door 160 East 125th Street, planned to be developed in coordination with a future 125th Street subway terminal, according to PincusCo. It was unclear whether the projects would be related.
The news of the potential Harlem sale comes after Extell and Ikea filed plans this month for a new 29-story office and retail building on a vacant block between West 46th and West 47th streets, as Commercial Observer previously reported.
The building would have two floors of retail space for Ikea and more space up above for other office and retail tenants.
And Extell announced Thursday it partnered with Kimpton Hotel & Restaurants to develop a 529-room hotel at 32 West 48th Street, next to Rockefeller Center, set to open in late 2025.
Isabelle Durso can be reached at idurso@commercialobserver.com.
