Posted Jun 3, 2015, 4:39 AM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 52,777
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http://www.nytimes.com/2015/06/03/re...ommercial&_r=0
City Point Project in Brooklyn Gets Unlikely Partner in Extell
By C. J. HUGHES
June 2, 2015
Quote:
City Point, a major development in Downtown Brooklyn, is offering touches that seem to cater to Brooklyn’s homespun, forward-thinking spirit: a movie theater that serves beer. A reinvented shopping mall. A food hall for start-up restaurateurs.
But to get across the finish line, developers of the 1.8-million-square-foot, $1 billion mixed-use project have turned to a perhaps unlikely partner: the Extell Development Company. Extell has so far avoided Brooklyn, and the company’s sky-high, stratospherically priced condos seem to embody a different lifestyle than the Kings County kind.
Last Friday, Extell bought the last development site at City Point, which is made up of apartment buildings atop a mall and offices on densely settled blocks near Fulton Street. And though the tower that Extell plans to build there will probably contain rental units and not condos, Extell’s president, Gary Barnett, said, it could still soar to 60 stories, making it the tallest structure in the borough.
.....“It’s a nice site, it’s a significant size and it was a reasonable price,” said Mr. Barnett, who is probably best known for One57, the 90-story spire in Midtown Manhattan where overseas buyers have not been afraid to pay prices averaging $7,000 a square foot.
Under the terms of the complicated deal, which took a year to complete, Mr. Barnett will pay $120 million to Washington Square Partners and Acadia Realty Trust, the development partnership that controls the site, which is on city-owned land.
Extell, which will technically be leasing the property, with an option to buy a few decades down the road, must also construct a four-level, 60,000-square-foot shopping center, which Washington Square and Acadia will own.
Extell’s mall will probably open in 2017, Mr. Barnett said; his rental tower, which will contain up to 500 units and rise from the top of the mall, could break ground by the end of the year and open by 2019. Although the neighborhood’s zoning would permit the tower’s planned height, the public could still weigh in during a design review.
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