Extell Development pays $6.6M for property already controlled by lease at UES dev site

Extell Development through the entity Ues Residential LLC paid $6.6 million to Expert Management through the entity 1524-1st Avenue Realty Co. LLC for development parcels (V1) at 1526 1st Avenue in Upper East Side, Manhattan, development site (V1) at 1524 1st Avenue in Upper East Side, Manhattan, and development site (V1) at 1522 1st Avenue in Upper East Side, Manhattan.
The deal closed on November 23, 2021 and was recorded on December 16, 2021.

Extell filed a new building permit application filed on November 23, 2021 for a 322,838-square-foot commercial building at 1522 First Avenue.

The signatory for Expert Management was Salvatore Notaro. The signatory for Extell Development was Gary Barnett.

There has been one demolition project filed for the parcels over the past five years. The demolition included 6 residential units. One of the projects were to change the number of residential units from 0 to 6 and were permitted on August 11, 2005.
Extell signed a lease for the parcels in 2018. A memorandum of lease says it runs for 149 years.

Within a 400-foot radius of 1526 1st Avenue, PincusCo identified six commercial real estate items of interests occurred over the past 24 months.

Of those six items, three were sales above $5 million totaling $24 million. The most recent of the three was Nilesh S. Shah which bought the 23,568-square-foot, 41-unit rental (D1) on 425 East 80th Street for $12.7 million from Abington Properties on November 15, 2021.
Of those six items, two were loans above $5 million totaling $15.5 million. The most recent of the two was Nilesh S. Shah which borrowed $9.5 million from First National Bank of Long Island secured by the 23,568-square-foot, 41-unit rental (D1) on 425 East 80th Street on November 15, 2021.

Direct link to Acris document. link