Extell files first two plans with 83 units on $931M Lincoln Square site
30 West 67th Street, 7 West 66th Street (Credit - Stephen B Jacobs Group via DOB)
David Rothstein, executive vice president of construction at Extell Development, filed two plans with a total of 81 residential units last week, on two separate tax lots in Lincoln Square, Manhattan. Both plans state they are for inclusionary housing. These are the first projects filed for the Disney/ABC studio complex that Gary Barnett’s Extell Development purchased from Silverstein Properties in 2022 for $931 million. These two projects are on the tax block just to the north of Extell Development’s $1.7 billion condominium tower 50 West 66th Street.
A neighborhood historical preservation group filed a uniform land use procedure review application in 2023 seeking to limit the height of towers on this tax block.
In the project with more units, Rothstein submitted a new building construction project for a 50-unit, 75,951 square-foot residential (R-2) building at 30 West 67th Street in Lincoln Square, Manhattan. The plan was filed with the New York City Department of Buildings on December 5, 2024 under job number M01151495. It calls for the construction of a nine-story building. The project is described in the filing as: demolition of an existing 14 story office building for construction of a new residential building.The architect is Stephen B Jacobs Group PC.
| wdt_ID | floor | comment | description | persons_permitted | occupancy_label | zoning_use | dwelling_units |
|---|---|---|---|---|---|---|---|
| 1 | Cellar | ELECTRIC ROOM, GAS METER ROOM, WATER PUMP ROOM, FIRE PUMP ROOM, | Mechanical and/or electrical equipment room | 100 | Factory and Industrial | 6 | |
| 2 | Cellar | BUILDING STORAGE | Storage of Flammable or Combustible Materials | 100 | Storage | 6 | |
| 3 | 1 | 2 APARTMENTS, AND RESIDENTIAL AMENITIES | Apartment | 100 | Residential | 6 | |
| 4 | 2 | 6 APARTMENTS AND RESIDENTIAL AMENTIES | Apartment | 100 | Residential | 6 | |
| 5 | 3 | 6 APARTMENTS AND RESIDENTIAL AMENITIES | Apartment | 100 | Residential | 6 | |
| 6 | 4 | 6 APARTMENTS AND RESIDENTIAL AMENTIES | Apartment | 100 | Residential | 6 | |
| 7 | 5 | 6 APARTMENTS AND RESIDENTIAL AMENITIES | Apartment | 100 | Residential | 6 | |
| 8 | 6 | 6 APARTMENTS AND RESIDENTIAL AMENTIIES | Apartment | 100 | Residential | 6 | |
| 9 | 7 | 6 APARTMENTS AND RESIDENTIAL AMENITIES | Apartment | 100 | Residential | 6 | |
| 10 | 8 | 6 APARTMENTS AND RESIDENTIAL AMENITIES | Apartment | 100 | Residential | 6 |
In the other project, Rothstein submitted a major alteration application to convert a 37, 337-square-foot commercial (COM) building at 7 West 66th Street in Lincoln Square, Manhattan, into a 31-unit residential (R-2) building. The plan was filed with the New York City Department of Buildings on December 5, 2024 under job number M01151076. It calls for a rehab of the seven-story building. The project is described in the filing as: Alt-CO for the conversion of an existing office building to residential use.
| wdt_ID | floor | comment | description | persons_permitted | occupancy_label | zoning_use | dwelling_units |
|---|---|---|---|---|---|---|---|
| 1 | Cellar | ELECTRIC ROOM, WATER ROOM, REFUSE ROOM, STORAGE ROOM, BIKE ROOM, SUPERS STORAGE AND OFFICE ROOM | Storage of Flammable or Combustible Materials | 20 | Storage | 6 | |
| 2 | 1 | 3 APARTMENTS | Apartment | 60 | Residential | 6 | |
| 3 | Mezzanine - 1 | 2 APARTMENTS | Apartment | 50 | Residential | 6 | |
| 4 | 2 | 4 APARTMENTS | Apartment | 50 | Residential | 6 | |
| 5 | 3 | 4 APARTMENTS | Apartment | 65 | Residential | 6 | |
| 6 | 4 | 4 APARTMENTS | Apartment | 58 | Residential | 6 | |
| 7 | 5 | 5 APARTMENTS | Apartment | 50 | Residential | 6 | |
| 8 | 6 | 5 APARTMENTS | Apartment | 30 | Residential | 6 | |
| 9 | 7 | 4 APARTMENTS | Apartment | 30 | Residential | 6 | |
| 10 | Roof | ROOF, EMR | Not Applicable | 0 | Not Applicable | 6 |
The property
The most recent loan totaled $850 million and was provided by Guggenheim Partners on March 18, 2022. This property was sold with 6 other properties by Silverstein Properties for $931 million to Extell Development on March 18, 2022.
Violations and lawsuits
According to city public data, the property has not received any significant violations in the last year.
There were no lawsuits or bankruptcies filed against the property for the past 24 months.
The neighborhood
In Lincoln Square, The majority, or 61 percent of the 19.1 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 24 percent of the space. In sales, Lincoln Square has near average sales volume among other neighborhoods with $215.7 million in sales volume in the last two years and is the 30th highest in Manhattan. For development, Lincoln Square has near average amount of major developments among other neighborhoods and is the 7th highest in Manhattan. It had 3.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 19 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of five of the five commercial properties representing 998,364 square feet of the 998,364 square feet. The identified owner is Extell Development. On the tax block, there was one new building construction project filed totaling 75,951 square feet. It is a 50-unit, 75,951 square-foot residential (R-2) building submitted by Extell Development and filed by David Rothstein with plans filed December 5, 2024 and it has not been permitted yet.
The owner
The PincusCo database currently indicates that Extell Development owned at least 65 commercial properties with 651 residential units in New York City with 2,776,081 square feet and a city-determined market value of $788.8 million. (Market value is typically about 50% of actual value.) The portfolio has $7.1 billion in debt, with top three lenders as Guggenheim Partners, Blackstone Group, and JVP Management respectively. Within the portfolio, the bulk, or 39 percent of the 2,776,081 square feet of built space are specialty properties, with elevator properties next occupying 21 percent of the space. The bulk, or 96 percent of the built space, is in Manhattan, with Brooklyn next at 4 percent of the space.
The surrounding
Within a 400-foot radius of 34 West 67 Street, PincusCo identified four commercial real estate items of interests occurred over the past 24 months. Of those four items, two were sales above $5 million totaling $57.4 million. The most recent of the two was Sinv SpA which bought the 6,085-square-foot, four-unit rental (C5) on 20 West 68th Street and one other property for $7.4 million from Forzaroma Properties LLC on September 13, 2024. Of those four items, two were loans above $5 million totaling $770 million. The most recent of the two was Extell Development in which borrowed $620 million from JVP Management secured by the 38,353-square-foot, 128-unit rental (D6) on 36 West 66th Street on July 2, 2024.
Direct link to the property’s ACRIS page and link to DOB NOW portal.