Extell Development in Contract To Buy NYIT Building

  Last modified on November 29th, 2019

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:

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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