Gary Barnett’s Extell Development is in contract to buy NYIT’s Upper West Side building at 1855 Broadway for $90 million, The Real Deal recently reported. Earlier this year, we learned that the New York Institute of Technology would be selling their Upper West Side building in order to invest more in their main campus, located in Old Westbury, Long Island.
The New York Institute of Technology has owned this building since 1975. The 12 story building measures 78,000 square feet, and once this transaction closes, will become the site of one of many new developments in the area, including:
- 1841 Broadway – an upcoming 173-unit residential project on the corner of 60th Street.
- 1865 Broadway – the home of the upcoming Columbus Circle Target. The residential address of this building is 15 West 61st Street; it is called The Park Loggia, and sales recently launched here.
As well as more established developments like The Time Warner Center, Mandarin Oriental and 15 Central Park West.
Extell also owns the nearby 17 West 60th Street, which when combined with 1855 Broadway, will give Extell a total of 151,000 square feet of development rights.
According to The Real Deal, the transaction will not close until the school relocates its students to other NYIT locations.
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