Updated Nov 12, 2026
Gary Barnett Of Extell Acquires Development Site From Leonard Stern Of Hartz Mountain For $34.99M
34 East 61st Street & 36 East 61st Street
$34,990,000
$2,530/SF
Building Size
13,828 SF
Asset Type
Development Site
Closing
Nov 6, 2026
About this deal
AI
A development site located at 34 East 61st Street and 36 East 61st Street in Lenox Hill, Manhattan has been sold for $34,990,000. The transaction involved 13,828 square feet of air rights, equating to a price per square foot of $2,530.
Summary of transation details:
- Property Type: Development Site
- Transaction Amount: $34,990,000
- Buyer: Gary Barnett - Extell
- Seller: Leonard Stern - Hartz Mountain Industries
- Square Footage: 13,828
- Price per Square Foot: $2,530
- Market: Lenox Hill, Manhattan
Gary Barnett represented Extell in the transaction while Leonard Stern represented Hartz Mountain Industries. The deal centered around acquiring air rights from two separate properties.
On the Map
$34,990,000
$2,530/SF
Development Site
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Players
New York Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.45%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93