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Deals & Dealmakers

Extell Development sells Midtown building for $79 million

Extell Development Co. has just sold a mixed-use building at 131-141 East 47th Street for $79 million.

The parcel holds a total area of 10,544 sf and nearly 140,000 sf of maximum FAR.

The seller closed the deal last Friday as Empire Development-a Chinese based company- paid just $1 million under the asking price.

Extell was represented by the Cushman & Wakefield team of Bob Knakal-the company’s chairman of New York Investment sales- and Clint Olsen- director at C&W. Empire opted to forgo outside representation.

Currently an outdated parcel of low-rise structures, Knakal told Real Estate Weekly that the property is headed towards the overall rebirth of the Eastern Midtown corridor.

“This is a great thing for Midtown East because you’re getting rid of some of these little building that make that particular block not a stand out block,” said Knakal. “I really think the highest and best use here is a retail (portion) with residential and perhaps a hotel component.”

The current package wields 105’ of frontage between Lexington and Third Avenues. It currently is comprised of an 11-story parking garage, and three adjacent 4-story mixed use walkups.  Knakal doesn’t known Empire’s exact plans but expects them to embrace the mixed-use spirit of the old parcel while building a larger, more modern structure.

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