October 13, 2017
Extell Development paid $80 million for a development site on the corner of Broadway and 96th St. on Manhattan’s Upper West Side.
“This prime corner property will be part of a larger assemblage that will include additional development rights from adjacent property owners,” said Brian Ezratty, vice chairman and principal for Eastern Consolidated, who with Peter Hauspurg represented the seller, a family-owned entity that has owned the building since the mid-1980s.
The site is currently zoned to permit the development of about 126,000 square feet of residential space “as of right.” When combined with development rights from adjacent property owners, and a bonus from including affordable housing, it could result in well over 200,000 buildable square feet.
“The demand for development sites like this speaks to the continued strength of Manhattan’s condominium market, particularly on the Upper West Side where condos are trading for well over $2,000 per square foot,” said Ezratty.
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