Rendering of City Point with a previously envisioned 65-story tower
Extell, the development company best known for gobbling up billionaires’ row sites and building supertall towers like One57, is venturing into Brooklyn, a place they’ve long avoided. The New York Times reports that Extell has bought the last development site at City Point, a huge, mixed-use complex in Downtown Brooklyn that will include residential and retail space, and, of course, a massive food hall. Extell will pay $120 million for the city-owned property, on which they will likely build a 500-unit rental building.
What’s more noteworthy than Extell’s move into the borough, though, is the fact that the tower could reach 60 stories, according to Extell president Gary Barnett, which would make it the tallest building in Brooklyn.
The $1 billion City Point project encompasses 1.8 million square feet, made up of retail space and three residential towers. The two under-construction towers are significantly shorter than what Extell is planning, topping out at 19 and 30 stories. But, as the Times articulates, “The investment shouldn’t be taken as a sign that Mr. Barnett is suddenly fond of mutton-chop whiskers and artisanal beef jerky. Rather, in a city where land is scarce and prices are rising, the deal made good financial sense.” Barnett simply said, “It’s a nice site, it’s a significant size and it was a reasonable price.”
The deal between Extell and City Point developers Washington Square Partners and Arcadia Realty Trust reportedly took a year to complete. Extell will technically be leasing the site, but will have the option to buy in a few decades. As part of the deal, they must build a four-story, 60,000-square-foot shopping center that Washington Square and Arcadia will own. The retail component, likely to open in 2017, will serve as the base for the residential tower, which could break ground by the end of this year and open in 2019. Zoning does allow for Barnett’s planned 60-story height, but the proposal will still have to go through the neighborhood and city review processes.
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Neighborhoods : Downtown Brooklyn