Extell pays $6M for 12K in air rights for new Times Square tower

Extell Development through the entity 726 Eighth LLC paid $6 million to Jean Christian Ponsolle and Laurent Ponsolle for a transfer of 12,109 square feet of development rights from 252 West 46th Street to Extell’s 724 8th Avenue in Times Square, Manhattan. That is $495 per square foot.
The deal closed on August 11, 2021 and was recorded on August 31, 2021.

The signatory for Jean Christian Ponsolle and Laurent Ponsolle was Jean Christian Ponsolle and Laurent Ponsolle. The signatory for Extell Development was Marc Kwestel.

Within a 400-foot radius of 724 8th Avenue, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, one was in new building development. It was a new building permit application filed on June 18, 2020 for a 194,552-square-foot B building at 740 Eighth Avenue.
Of those seven items, one was for major renovation including a certificate of occupancy change. It was a permit issued on December 2, 2020 for the $2.0 million renovation of 286,260-square-foot R-2 building with 187 residential units at 750 8th Avenue.
Of those seven items, three were sales above $5 million totaling $1.7 billion. The most recent of the three was Extell Development which bought the 0-square-foot development site (V1) on 740 8th Avenue and one other property for $31.1 million from Shubert Organization on August 16, 2021.
Of those seven items, two were loans above $5 million totaling $166.3 million. The most recent of the two was Katz NYC which borrowed $6.3 million from M&T Bank secured by the 41,287-square-foot, eight-unit office building (O5) on 694 8th Avenue and one other property on August 19, 2021.

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