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Whiskey Tango Foxtrot
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Extell pays Catholic Church $16M for Hell’s Kitchen air rights

Plans 40-story residential tower on same block as Silverstein project

August 10, 2012 04:00PM
By Adam Pincus

The Roman Catholic Church and Extell's development site (credit: Microsoft)

Gary Barnett’s Extell Development has acquired a large amount of development rights, which it will use to increase the size of a little-noted residential tower project in the neighborhood, for $16.46 million from a Roman Catholic Church in Hell’s Kitchen.

Barnett’s company bought nearly 140,000 square feet in air rights from the Roman Catholic Church of Saint Raphael, located at 502 West 41st Street, near 10th Avenue, on July 31, city property records published today show. The developer is planning to build a residential tower of more than 40 stories on the west side of 10th Avenue between 40th and 41st streets, just to the east of the church, Barnett, the company’s president, told The Real Deal.

The new tower will extend over some portion of the church’s property by way of a cantilevered structure, the city records show, but did not say exactly how far. Barnett does not own the land he is building on, at 537-547 10th Avenue, however. Instead, on Aug. 22, 2011 he acquired a 99-year ground lease with one of the city’s major landlords, the estate of Sol Goldman.


1,259 Posts
Extell Plans 600-Unit Rental Tower on 10th Avenue
Wednesday, January 23, 2013, by Jessica Dailey

"... in a 600-unit rental tower, according to the Journal.

The building will be more than 40 stories, and about one-fifth of the units will be reserved for low-income renters. Extell did not purchase the land it's building on, but instead secured a 99-year lease from the landlord, the estate of Sol Goldman. The developer expects to break ground this spring, helping the West Side continue its transformation into one massive construction site."
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