Extell Throws in the Towel on East Village

Wednesday, June 6, 2007, by Joey

Ever since luxury high-rise developer Gary Barnett snapped up 17 buildings in the East Village, we've received an ongoing stream of emails from concerned residents wondering if they were about to get evicted so Barnett's Extell company could build some sort of downtown megacomplex. Up until now, we've never known Extell's true intentions for their Avenue A & etc. holdings, but now we do: sell them at a tidy profit. The Observer's John Koblin reports that Westbrook Partners paid $97.5 million for the entire portfolio, handing Extell a $25 million profit for 18 months of stone cold chillin'. In total, the buildings house 259 apartments and some local watering holes. So why did Gary Barnett cash out? Who knows, maybe he just wasn't down with the EVill. Westbrook is one of the companies that bid on Stuy Town, so this is no mom and pop operation. You can now begin sending us emails worrying about Westbrook evicting you.
· Extell Cashes Out of East Village For $97.5 M. [NYO]
· East Village Development Update: Extell'ya Later! [Curbed]
· CurbedWire: 744 Greenwich, Extell's East Village [Curbed]

Filed under Manhattan: East Village, Real Estate Development, Real Estate Sold, Extell, Gary Barnett

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Comments (14 extant)

I threw in the towel on the EV too.

By Anonymous at June 6, 2007 10:57 AM

Outta the frying pan and into the fire!

Extell was nice enough to replace the floor tiles in our lobby before they abandoned us ... then again, they ripped up all the tiles in the hallways in front of our actual apartments ages ago and they've yet to be replaced. Wonder if our new daddy will care that it looks like a crackhouse with nails sticking out of the floor.

By Avenue A @ 13th at June 6, 2007 11:09 AM

#2, and how much do you pay for rent again?

LOL.

By Anonymous at June 6, 2007 11:36 AM

Is that Neon Cock sign in the top-right corner of the picture from outside of 29 Second avenue?

The avalon buildigns are going up all around that sign....

By Some Guy Passing By at June 6, 2007 11:58 AM

They are going to smoke all the rent-controlled tenants out of there. Party is over suckers

By Anonymous at June 6, 2007 12:14 PM

So they are the ones that killed Korova Milk Bar?

By Anonymous at June 6, 2007 12:49 PM

No need to laugh at me #3, I'm stabilized. Let's just say I pay somewhere between $1200 and $2000.

#5 We're not suckers either. Many of the apartments are already de-controlled, and most rent-controlled tenants have been "smoked" out already (real classy, BTW). The stabilized people are paying fair market rates. These are tenaments after all.

By Avenue A @ 13th at June 6, 2007 12:53 PM

Is that a rooster or a chicken?

By Fez at June 6, 2007 1:08 PM

New York? HAHAHAHA

By amatt at June 6, 2007 1:15 PM

10.

jeez, straight people, it's a COCK

By glue at June 6, 2007 2:01 PM

11.

http://www.frommers.com/destinations/newyorkcity/N24499.html

Even Frommer's knows that!

By Anonymous at June 6, 2007 5:56 PM

12.

I am glad Barnett/Extell sold these buildings. He has no idea what he is doing and to be honest I find him to be a real jerk off. He builds crappy buildings and should go back to the diamond district and stay there.

By Concerned NY Resident at June 7, 2007 6:46 AM

13.

Which properties (addresses, tax lots) were sold? It would be interesting to see exactly what the portfolio consists of. Any Propertyshark subscribers or city records bloodhounds care to help out? Personally, I'm interested to know if my apartment's buidling is the meat in a development plan sandwich.

By Alphabet Citizen at June 7, 2007 1:51 PM

14.

I live in one of the buildings that Extell just sold. Unfortunately for those of us who have lived in the East Village for a long time, I have lived here for 17 years, change is coming and it is not pretty. It is only a matter of time until Thompkin Square Park is developed and thus the properties that the surround it. At the time that Extell bought all these buildings from L.P. Resol, our old landlord, tenants formed a coalition called Extell Tenants Coalition. Looks like we are going to have to do the same regarding Westbrook.

By corey at June 7, 2007 4:39 PM