Gary Barnett’s Extell Develpment has paid around $120 million to buy the development rights to the third phase of City Point, in Downtown Brooklyn. The New York-based real estate firm plans to build Brooklyn’s tallest tower.
According to The New York Times, the upcoming project would be Extell’s first foray into Brooklyn, and the tower could rise up to 60 stories, making it the tallest building in Brooklyn. Furthermore, Extell’s entry could prompt commercial tenants to lease storefronts around the location, boosting development activity which has been neglected thus far.
City Point is a 1.8 million-square-foot mixed-use complex presently being developed in Downtown Brooklyn, near the corner of Flatbush Avenue Extension and Willoughby Street. “It’s a nice site, it’s a significant size and it was a reasonable price, ” Extell’s owner Barnett told The New York Times.
Washington Square Partners and Acadia Realty Trust, owners of City Point, who are involved in developing commercial property at the location that includes residential towers, movie theatre and shopping mall, reportedly sold the third phase of the development to Extell. The third phase involves a rental tower with 500 units, above a shopping center covering 60, 000-square-foot.
Extell, founded by Gary Barnett in 1989, specializes in residential, commercial as well as retail properties. The real estate firm is also involved in developing hospitality and mixed-use properties in and around Manhattan. Extell’s current portfolio exceeds 20 million square feet.