Extell Development Sells Midtown Retail Condo for $25M

Extell Development has sold off a Midtown retail condominium for $25 million, according to city records made public Friday.

The developer, through the entity Extell 171 West 57th Street, has offloaded its property at 171 West 57th Street to Cindy Chan, who used the entity CCW Family Realty, records show.

Gary Barnett, founder and chairman of Extell, signed for the seller, while Chan signed for the buyer, according to records.

It’s unclear who brokered the deal. A spokesperson for Extell did not immediately respond to a request for comment, while Chan could not be reached for comment. PincusCo first reported the news.

The 9,975-square-foot retail condo is at the base of the Briarcliffe, a 1922-built tower overlooking Central Park that was converted into 33 residential condo units in 1999, according to StreetEasy.

Barnett first bought the retail condo in 2001 for $6.7 million, then sold it to music firm Forrell & Thomas in 2006 for $10.2 million — but at the same time leased it back from Forrell & Thomas through a 49-year ground lease valued at $5 million, according to PincusCo.

Extell eventually bought the condo back in July 2023 for $11.3 million, PincusCo. reported.

Now the property will be owned by Chan, who’s no stranger to Extell. She bought a residential unit in the developer’s Central Park Tower along with Hung Wong in 2021 for $28.6 million, the New York Post reported.

Current tenants of the retail condo at 171 West 57th include liquor store Oak & Steel Fine Wines and Spirits and Chase Bank. It’s unclear whether those tenants will stay under the property’s new ownership.

Isabelle Durso can be reached at idurso@commercialobserver.com.