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Real Estate

Extell Development Buys Manhattan Garage for $45 Million

251 W. 45th St

Gary Barnett’s Extell Development has acquired 251 W. 45th St. for $45.78 million. This should help the firm with its plans to develop a new midtown Manhattan tower, according to a report in the New York Daily News.

The property is a 52, 000 square foot seven story parking lot next to an empty lot that Extell already owns. The firm can tear down the garage and combine the two properties. Barnett is expected to eventually build a new hotel tower there.

“This is not really the right place for apartments, ” said broker and analyst Robert Shapiro of Center City Real Estate to the Daily News. “With these large floor plates, he’d be better off with a hotel or offices.”

Extell will be able to pay for it with the $36.5 million that it raised from the sale of 114 East 25th Street to MetroLoft according to The Real Deal. The property is part of the 14 building F.M. Ring portfolio.

The 12 story loft style building has more than 42, 000 square feet of space. Extell originally paid $30 million for the property.

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