Extell sells commercial building linked to its hotel project on West 48th Street

Avner Davidov as signatory through the entity Bd Owners Group LLC paid Extell Development’s N47 Associates LLC $9.5 million for 25 West 47th Street in the Diamond District. The deal closed on February 6, 2020, and was recorded on February 18, 2020. The transaction consists of 1 parcel, including the tax class two-story or store and office (K2). The property is 5,643 square feet. The parcel(s) have total development potential of 23,980 square feet.
The average sale price per square foot is $396.

Extell controls about 85 feet of frontage on 48th Street, through three parcels. One of the lots extends to 47th Street and is adjacent to building that Extell just sold. Extell bought the building in 2015 for $15.4 million, and merged it into the zoning lot for a development along 48th Street. Extell plans to build a hotel, according to the NY Post.  Along with the sale, Extell severed a portion of the exiting $63.9 million loan given by Bank OZK, and reduced the indebted amount to $60.6 million.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $110,000. 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