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Extell Development is trying to sell a 288K SF development site on West 54th Street for around $200M.
The site, at 211 West 54th St., is zoned for residential condominiums, Commercial Observer reports.
“We think the highest and best use in this point of the market is residential,” Colliers International broker Yoron Cohen, who is marketing the site, told the publication. “It could be commercial if it was in huge demand.”
And because the plot is irregular, meaning not rectangular, it lends itself better to building housing over office, he said. There is no asking price for the site, but Cohen expects it will sell in the vicinity of $200M.
Extell, led by Gary Barnett, had planned to build a commercial building there, but the firm is no longer moving ahead with those plans.
Barnett was not able to convince all the surrounding property owners to sell their sites, Cohen told CO. Instead, he is breaking up the assemblage and selling it in pieces. Extell will keep some of the air rights at the lot for its other sites.
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