Posted Jul 21, 2016, 1:40 AM
|
|
New Yorker for life
|
|
Join Date: Jul 2001
Location: Borough of Jersey
Posts: 52,769
|
|
http://jewishvoiceny.com/index.php?o...ork&Itemid=295
What is Gary Barnett Doing on West 57th Street?
20 JULY 2016
ANAT GHELBER
Quote:
.....Mr. Barnett and Extell Development Company are gaining attention for a more modest building on West 58th Street. More specifically, his unknown intentions for the building are causing many to scratch their heads, considering the lengths he went to garner land and air rights for it. Mr. Barnett is already known for building what promises to be the one of the tallest residential buildings on record in all of the United States at 217 West 57th Street.
It is expected to be 1,550 feet of condos that will see completion in 2019. It’s expected to even rival One57 in height. Financing for such an ambitious project is coming from Nordstrom Department Stores. Several spaces in the building were sold to firms controlled by Nordstrom even before construction began and a seven story 175,000 foot Nordstrom department store will be at the base of what is expected to be eventually named Central Park Tower. This store will open in 2018.
At 134 West 58th Street, Mr. Barnett has purchased an apartment building, with 17-stories, located between Sixth and Seventh avenues. This building is located on the same block as One57 as well as a building, which measures even taller, at 111 West 57th Street, being developed by JDS Development. This move is seen by many as an attempt by Mr. Barnett to further develop properties he already has in the area.
Gary Barnett has apparently spent almost 10 years gathering the land and air rights to develop what was expected to be another enormous tower, similar to One 57. It has come instead as a surprise to many that he has moved forward with plans to only construct a building with 41 condo units measuring a mere 200 feet. This may be due to difficulties that Extell Development has had in securing a sanctuary property belonging to Cavalry Baptist Church, contained within the Hotel Salisbury. This property is apparently worth $100 million.
As it happens, they are exactly back to back with the apartment building Mr. Barnett purchased on West 58th Street. Should Extell secure rights to this property, along with rights to develop that have already been bought by Cavalry Church…they would find themselves able to build a tower measuring 700 feet in total. Negotiations have been going on since 2014. Richard Miller is an attorney and occupant of an apartment which is rent-controlled at 134 West 58th Street. He says, “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 has been noted that Extell Development Company has been attempting to end the leases of residents inside the apartment building in question.
|
__________________
NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
|