Posted Nov 5, 2018, 2:10 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,919
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Looks like Extell will build another hotel nearby.
https://nypost.com/2018/11/05/deals-...ding-projects/
By Steve Cuozzo
November 5, 2018
Quote:
Gary Barnett’s Extell Development Company bought 4-story 32 W. 48th St., former home to the Plaza Arcade diamond mini-mall, for $40 million, and at the same time closed on title to several adjacent buildings an air rights to another. The deals popped up in city records Friday night.
“We now have everything we need to build,” Barnett said on Sunday. Tentative plans call for a hotel with a “few hundred keys” and stores, he said.
The purchases totaled $85 million. Extell also signed a $63.8 million mortgage spreader agreement with Bank of the Ozarks for the six adjacent properties — 30, 32, 36 and 38 W. 48th St. and 25 and 27 W. 47th St. The new project will connect West 48th Street with the 47th Street diamond block.
Barnett said demolition leading to construction should begin within six months. The plan will apparently spare famed Szechuanese restaurant Wu Liang Ye at No. 36, from which Extell only bought air rights.
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