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Extell Buys Stake in Bad Boy Entertainment Building for $247M

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Gary Barnett's Extell Development Group has closed on the purchase of one of the most sought-after buildings in Midtown Manhattan.

Extell paid $247M to acquire a 39% stake in 1710 Broadway with plans to demolish and redevelop it into a 60-story hotel-condo at West 54th St. and Seventh Avenue in a JV with C&K Properties, The Real Deal report. Currently, the site is home to Sean Combs aka Diddy's (aka P. Diddy, Puff Daddy, Puffy) Bad Boy Entertainment office.

C&K, which is also developing the nearby Central Park Tower, purchased the site for $23M in 2003. With more than 370k buildable SF, the site is currently occupied by an 83k SF office building. [TRD]