Extell Development files plans for construction of a 354K sf office building in East Harlem

By Atticus O’Brien-Pappalardo

Extell Development, on April 8, filed a permit application for construction of a 354,350-square-foot office building at 180 East 125th Street in East Harlem.

The plans call for the construction of a 120-foot tall, 9-story, office building.

The project is described in the filings as: construct new nine (9) story building with first floor retail, community facility and office use as per plans filed.

Extell bought the building, which was formally a Pathmark supermarket, in April 2014 for $39 million. Extell also purchased the neighboring building, formally a U.S. Post Office, for $10 million that same year.

In September 2016, more than two years after the building was purchased, plans were filed to demolish it.

The following month, the Department of City Planning presented zoning changes that were centered around creating new jobs, housing opportunities, and economic development in East Harlem. Due to the fact that allowable density was not proposed to increase, there was some uncertainty regarding exactly what would could be constructed on the parcel.

In August of 2018, Extell received a $500 million loan from JPMorgan. A significant portion of the loan was dedicated to refinancing three properties, one of them being the Pathmark project.

Now, almost exactly six years after initially buying the parcel, Extell pre-filed plans for the project.

Direct link to Acris document.LINK

Direct link to DOB document.LINK

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