Updated Oct 26, 2026
Gary Barnett Of Extell Acquires Air Rights From Church Of St. Mary The Virgin For $23.93M
145 West 46th Street
$23,930,000
$275/SF
Building Size
87,000 SF
Asset Type
Special Purpose
Closing
Oct 26, 2026
About this deal
AI
The transaction involves the acquisition of 87,000 square feet of air rights located at 145 West 46th Street in Midtown Manhattan, classified as a Special Purpose asset. The agreed sale price is $23,930,000, translating to a price per square foot of $275.
Summary of transaction details:
- Property Type: Special Purpose
- Transaction Amount: $23,930,000
- Buyer: Gary Barnett
- Buyer Company: Extell
- Seller: Church of St. Mary the Virgin
- Market: Midtown Manhattan
- Square Feet: 87,000
- Price per Square Foot: $275
This transaction positions Extell Development to further its project involving a new office and retail tower at 570 Fifth Avenue, with the air rights acquired from the Church of St. Mary the Virgin being integral to these plans.
On the Map
$23,930,000
$275/SF
Special Purpose
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Players
New York Special Purpose Market Snapshot
Boundary boundary · Special Purpose · Undercontract transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.66%
Cash-on-Cash
-0.19%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93