Midtown Building Site Could Sell For $200M, Report Says

MIDTOWN MANHATTAN, NY — A Midtown site owned by Extell Development could sell for as much as $200 million, according to reports.

The development firm headed by Gary Barnett has decided to part with the site — located on Broadway and West 54th streets — after failing to convince nearby property owners to sell him their land, Commercial Observer first reported. Extell had plans to build a massive development on the site, according to the report.

Yoron Cohen of Colliers International, who's in charge of marketing the site, told Commerical Observer that he expects the land to sell for around $200 million. The property is currently occupied by a six-story building that would need to be demolished to make way for a new development, Commerical Observer reported.

Cohen is marketing the property as a potential residential development site.

"We think the highest and best use in this point of the market is residential," Cohen told Commercial Observer. "It could be commercial if it was in huge demand."

Read the full Commercial Observer article here.

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