Real Estate
Home›Real Estate›Commercial›Extell buys Midtown office at Park 55 for $65 million
Extell buys Midtown office at Park 55 for $65 million
The 19-story building, known as Park 55, was tied to a pre-foreclosure filing that alleged Parkoff owed about $40.6 million in principal and interest.
Extell Development has acquired 110 East 55th Street, a 19-story Midtown office property also known as Park 55, for $65 million from the Parkoff Organization, according to Commercial Observer, citing property records made public Monday.
Commercial Observer said a construction-company affiliate of JT Magen had previously partnered with Extell on a Boston foreclosure, and that the JT Magen affiliate filed a pre-foreclosure suit at the Park 55 property in May. The foreclosure complaint alleged Parkoff defaulted on a loan and owed about $40.6 million in principal and interest.
Commercial Observer reported that Extell founder Gary Barnett was said to be under contract for the property in January, but the sales price was not reported until the deal closed this week.
The acquisition adds Park 55 to Extell and Barnett’s growing Midtown portfolio, which Commercial Observer said also includes the firm’s $500 million purchase of a development site at 405-417 Park Avenue in May, its $19 million purchase of the Friars Club building at 57 East 55th Street in late April, and air rights over Saint Thomas Church at 678 Fifth Avenue for $36 million last year. The outlet noted it is unclear what Barnett plans for the broader assemblage, which is also set to include 111 East 54th Street.