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© Extell Development Company

© Extell Development Company

© Extell Development Company

© Extell Development Company

© Extell Development Company

© Extell Development Company

NYC Developer Embraces Religion in Search for Condo Sites
http://www.bloomberg.com/news/2014-...races-religion-in-search-for-condo-sites.html
Extell inks contract for Upper West Side synagogue Parcel at 44 West 66th Street has 75K sf of development rights -- and is next to Megalith siteExtell is in advanced talks to buy the Congregation Habonim synagogue at 44 W. 66th St. in a deal valued at $75 million, with plans to build condominiums on the site, according to documents the synagogue filed in New York State Supreme Court seeking permission for a sale.
http://therealdeal.com/blog/2014/07...per-west-side-synagogue/#sthash.CXGXReHN.dpuf
Barnett signed the contract in April to buy 44 West 66th Street from Congregation Habonim, city records published this month show. The site, which PropertyShark shows has 75,000 square feet of development rights, is located between Central Park West and Columbus Avenue, and is adjacent to the three-building package that Megalith bought for $85 million at 36-40 West 66th Street in March.
Extell, Megalith will partner to build UWS condo towerBrokers familiar with the site said there had been prior efforts to assemble a much larger development, noting that the synagogue is next to two properties with a large amount of excess air rights. The larger is media giant Disney’s landmarked building at 52 West 66th Street, which has 132,338 square feet of excess development rights, while the other is the the vision-impairment nonprofit Jewish Guild Healthcare at 15 West 65th Street, which has 68,600 square feet of available development rights, information from PropertyShark shows. One of those previous options included demolishing the synagogue, and then rebuilding a tower with about 25,000 square feet reserved for the congregation, one source said.
http://therealdeal.com/blog/2014/08...o-build-uws-condo-tower/#sthash.gvlM56tH.dpuf
Extell Development plans to build a large condominium tower in partnership with Megalith Capital Management a half a block from Central Park West on land each firm will contribute to the project, recent court records show
The final size of the project is not known, and could vary in size dramatically. The base development rights for the Extell and Megalith sites allow for a tower encompassing roughly 150,000 square feet to 180,000 square feet, depending on whether the developer uses inculsionary zoning bonuses available in the Special Lincoln Square District, where the property is located, an analysis of the site found. But a much larger tower, of perhaps 400,000 square feet might be possible if Extell acquires the neighboring parcel at 15 West 65th Street, which is owned by the nonprofit Jewish Guild Healthcare, one land use attorney, who asked not to be identified, estimated.