Extell Development Acquires Lower East Side Development Site For $100M

A development site located at 259 Clinton Street in the Lower East Side is under contract. The property, owned by the Starrett Corporation, is being sold to Extell Development for a price of $100,000,000. The transaction was facilitated by brokers Gary Phillips and Will Silverman from Eastdil Secured. The development site consists of 765 units, with an average price per unit of $130,718.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $100,000,000
• Address: 259 Clinton Street
• Market: Lower East Side
• Buyer: Extell Development - Gary Barnett
• Seller: Starrett Corporation
• Brokers: Gary Phillips & Will Silverman - Eastdil Secured
• Units: 765
• Price per Unit: $130,718

Gary Barnett, representing Extell Development, managed the acquisition of the development site. This deal signifies Extell Development's efforts to expand its portfolio in the Lower East Side market. The involvement of brokers Gary Phillips and Will Silverman from Eastdil Secured highlights their role in facilitating successful real estate transactions.