Why Are the Supertall Gurus at Extell Planning a Stubby 18-Story Condo on Billionaires’ Row?
Gary Barnett’s Extell Development has become synonymous with sky-high towers, especially those along Billionaires’ Row — the 1,005-foot-tall One57 and the 1,550-foot-tall Central Park Tower — where it appeared that they were readying to construct a third behemoth that would rise more than 700 feet. However, Crain’s reports that Extell has filed plans for the site at 134 West 58th Street (the same block as One57), and they call for a stubby, 18-story, 41-unit condo building that’s less than 200 feet tall.
Google Earth rendering of 134 West 58th Street rising 700 feet, courtesy of CityRealty
Extell bought the 17-story apartment building at the 58th Street address in 2008 for $39 million. Since 2014, they were also working to acquire the Calvary Baptist Church’s sanctuary and the Hotel Salisbury, which back up to site and are worth at least $100 million. Along with these buildings, as well as development rights left over from One57 and more purchased from Calvary, a new building could have risen more than 700 feet.
Last month, the developer put in applications to end some rent-stabilized leases in the current building. One of these tenants, Richard Miller, said to Crain’s: “Are they filing these plans for just this one building, or is this a plot to push negotiations with the church? People keep saying that the high-end real estate market has tanked, so maybe they are going to wait—it’s hard to know.”
It should be noted, however, that during negotiations with Vornado Realty Trust, Extell filed permits to build an 18-story, 58-unit building on a parcel of land that’s now part of 220 Central Park South. Extell used the parcel as a bargaining chip to coerce Vornado to move the tower portion of 220 CPS west so Extell’s Central Park Tower behind could also garner coveted views of Central Park.
[Via Crain’s]
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- One57 Received $66M in Tax Breaks in Exchange for Just 66 Units of Affordable Housing
Image of 134 West 58th Street via NY Yimby
