If Gary Barnett’s $250 million listing on Billionaires’ Row didn’t tell you he was bullish on the residential market, his latest deal will.
The Extell Development chief is buying a Two Bridges development site next to his One Manhattan Square condo tower for a price approaching $100 million, sources said.
Barnett is in contract to buy the Starrett Corporation’s site at 259 Clinton Street, which can be developed into a 61-story tower with up to 765 apartments. The Real Deal previously reported that Starrett filed plans to put a foundation in place by the spring so the site would qualify for the 421-a tax break, which expired in June.
Starrett put the site on the market late last year with an Eastdil Secured team led by Gary Phillips and Will Silverman eying a price of $100 million. The contract price is not quite $100 million but is close, according to a source. The deal is expected to close this year.
A spokesperson for Extell did not immediately respond to a request for comment and a representative for Starrett declined to comment on the deal.
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Barnett started the trend of developing mega-towers along the East River waterfront north of the Manhattan Bridge with his One Manhattan Square condo at 225 Cherry Street.
He was followed by Starrett, Michael Stern’s JDS Development Group and a partnership between CIM Group and L+M Development Partners, which planned four towers among them and defeated a legal challenge that claimed City Council approval was necessary. The case was resolved in May 2021.
CIM and L+M sold their site this spring to Joseph Chetrit for $78 million.