Gary Barnett's Extell Development is currently in negotiations to buy a commercial property in Manhattan's Greenwich Village, which includes development rights, from the Duell family.
Among the many New York City real estate assets the family has, Extell and the Duell family are in talks to sell the 17,000-square-foot commercial building on 530 Sixth Avenue.
The building, more popularly known for the 17,000 square foot Moscot Eyewear store on the building's second floor, has residential air rights for almost 127,000 square feet - making it a prime site for redevelopment.
In fact, Barnett is currently developing a residential tower at 225 West 57th Street, and even purchased what used to be the Pathmark site at 125th Street and Lexington Avenue from Harlem-based Abyssinian Development Corp.
However, no one has yet to confirm the actual price for the 530 Sixth Avenue deal. The huge amount of air rights for the property is likely the cause for Barnett's attraction to the site - which will most likely be another residential tower.
This isn't the first time Extell and the Duell family is negotiating on a deal. As a matter of fact, it was just in December when Barnett's company bought two apartment buildings - 116 Seventh Avenue and 204 West 17th Street in Chelsea - from the Duells for $11 million.
Around the same time, Barnett also purchased a rental and retail building in Murray Hill - 502 Third Avenue - from the family, also for $11 million, as reported by The Real Deal.
Not only that, but Crain's also reports that the family also sold another apartment building to an Extell Development executive:
"The Duells sold an apartment buiding at 200 E. 34th Street in December for $11 million, to a company whose sole owner is Dov Hertz, executive vice president for acquisitions at Barnett's Extell Development. The building is known for the Cinema Café & Bar restaurant in its base."
