Extell sells retail on Billionaires’ Row in Midtown West for $25M

Cindy K. Chan, through the entity CCW Family Realty LLC, paid $25 million to Extell Development through the entity Extell 171 West 57th Street LLC for the retail condo at 171 West 57th Street in Midtown West, Manhattan. The property is at the base of the Briarcliff condominium at the corner of West 57th Street and Seventh Avenue.

This is not the first large purchase Chan has made with Extell. In 2021 she and Hung P. Wong paid $28.5 million for a residential unit in Extell’s Central Park Tower at 217 West 57th Street.
The retail purchase closed on January 15, 2025 and was recorded on February 14, 2025. The property has 9,975 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $2,506 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
Extell bought the property on July 24, 2023, for $11.3 million, but Extell controlled the property through a long-term lease. The signatory for Extell Development was Gary Barnett. The signatory for CCW Family Realty LLC was Cindy K. Chan. The contract date was November 27, 2024.

In this transaction, Extell is selling the commercial condo unit in the Briarcliff Condominium that Ziel Feldman developed into condos in 1999. Barnett bought the commercial unit in 2001 for $6.65 million, then sold it in 2006 to Forrell & Thomas for $10.2 million but at the same time Extell leased it back from Forrell & Thomas through a 49-year ground lease with a valuation of $5 million. In July 2023, Extell bought the condo which it controlled through that lease, for $11.3 million.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer CCW Family Realty LLC had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Extell Development purchased two properties in two transactions for a total of $170.8 million and sold nine properties in nine transactions for a total of $446.2 million over the same time period.

The property

The retail condo in Midtown West has 9,975 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 9,975 square feet. The city-designated market value for the property in 2022 is $12.5 million. The most recent loan totaled $14.7 million and was provided by Pacific National Bank on July 24, 2023.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Midtown West, The majority, or 75 percent of the 75.9 million square feet of commercial built space are office buildings, with hotel buildings next occupying 14 percent of the space. In sales, Midtown West has the 3rd highest sale turnover among other neighborhoods in the city with $2.6 billion in sales volume in the last two years. For development, Midtown West is the most active neighborhood among other neighborhoods. It had 31.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 41 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the 13 commercial properties representing 414,674 square feet of the 608,474 square feet. The largest owner is Zar Property NY, followed by ABR Investment Partners and then S.W. Management.
On the tax block, there were two new building construction projects totaling 1,555,607 square feet. The largest is a 1,502,992 square-foot business (B) building submitted by Alchemy Properties and filed by Kenneth Horn with plans filed November 13, 2019 and permitted September 14, 2022. The second largest is a 41-unit, 52,615 square-foot residential (R-2) building submitted by Extell Development and filed by Michael Loeb with plans filed November 12, 2015 and it has not been permitted yet.

The majority, or 54 percent of the 608,474 square feet of built space are hotel buildings, with office buildings next occupying 18 percent of the space.

The seller

The PincusCo database currently indicates that Extell Development owned at least 64 commercial properties with 651 residential units in New York City with 2,776,081 square feet and a city-determined market value of $785.3 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.

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