Extell Development paid $4M to Shubert Organization on Eighth Ave.

Extell Development through the entity 458 Ny LLC paid Shubert Organization’s 267-269 West 45th Street, L.L.C. $3.8 million for 1 parcel, including the tax class retail building with apartments above (K4) at 724 8th Avenue in Times Square. The deal closed on August 13, 2019 and was recorded on September 10, 2019. The parcel(s) have total development potential of 19,830 square feet.
The average sale price per square foot is $309.
The estimated cap rate is 9.3%
This is part of a complex development deal Extell is pursuing along Eighth Avenue.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.