Extell Acquires Development Site & Air Rights In Midtown Manhattan For $82M

The development site and air rights at 738-740 8th Avenue in Midtown Manhattan have been sold in a recent transaction. The property was purchased by @EXTELL for approximately $82,000,000. The seller in the deal was The Shubert Org., represented by Robert E. Wankel. The acquisition included the land at 738 and 740 Eighth Ave. for $31 million, as well as the purchase of $51 million worth of air rights from @ShubertOrg. This allows @EXTELL to develop a building with over 500,000 square feet.

Summary of transaction details

• Property Type: Development Site & Air Rights
• Transaction Amount: $82,000,000 (approx.)
• Address: 738-740 8th Avenue
• Market: Midtown Manhattan

Gary Barnett is the buyer's representative for @EXTELL, while Robert E. Wankel represented The Shubert Org. in the deal. This acquisition presents a significant opportunity for @EXTELL to expand their presence in Midtown Manhattan and develop a substantial property in a prime location.