Updated Jul 16, 2025
Extell Development Co Sells 1708 Broadway Development Site In Midtown Manhattan For $172.8M
1708 Broadway
$172,800,000
$3,313/SF
Building Size
52,150 SF
Asset Type
Development Site
Closing
Oct 13, 2023
About this deal
AI
An Extell Development Co. affiliate has sold the 1708 Broadway development site in Midtown Manhattan for a sale price of $172.8 million. The property, located at 1708 Broadway, is a development site with a total square footage of 52,150. The sale price of $172.8 million reflects a significant loss for Extell Development Co., as they had purchased the site for $258.1 million six years ago.
Summary of transation details
- Property Type: Development Site
- Transaction Amount: $172,800,000
Gary Barnett, the owner of Extell Development Co., represented the seller in this transaction. The sale of the 1708 Broadway development site in Midtown Manhattan marks a noteworthy event in the real estate market, given the significant loss incurred by the seller.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.09%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93