Connect with us

Hi, what are you looking for?

Jewish Business News

Real Estate

Extell pays $120 Million for City Point, Plans Brooklyn’s Tallest Tower

Gary Barnett-led firm to build the tallest tower in the borough with 60 stories, 500 rental units

City-Point - Rendering of City Point with a previously envisioned 65-story tower

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.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Newsletter

Advertisement

You May Also Like

World News

In the 15th Nov 2015 edition of Israel’s good news, the highlights include:   ·         A new Israeli treatment brings hope to relapsed leukemia...

empty

The contract signed between the Israeli government and Pfizer shows clearly and unequivocally that this is a clinical study on humans - The agreement...

Travel

After two decades without a rating system in Israel, at the end of 2012 an international tender for hotel rating was published.  Invited to place bids...

Business

Now Platika joins and elite club of $10 billion plus Israeli firms.

Advertisement