Developer Reveals Site For Next Huge UES Building, Report Says

UPPER EAST SIDE, NY — A real estate developer known for massive projects has assembled a huge development site on the Upper East Side, the Real Deal First reported.

Extell Development's Gary Barnett owns or is in contract to own ten contiguous buildings located on the east side of First Avenue between East 80th and 79th streets, he told the Real Deal. Barnett is planning to raze the existing low-rise buildings to develop a mixed-use building with as much as 250,000 square feet of buildable space, the Real Deal reported.

The new development will likely consist of a residential tower with a school building at its base, Barnett told the Real Deal. One school has already reached out to the developer, but no deals have been made at this point.

The assemblage took Barnett more than a decade to put together, he told the Real Deal.

"When everything crashed in 2008 and 2009, we sold most of it," Barnett told the real estate publication. "But eventually, we saw an opportunity to buy the properties back and complete the site."

As Barnett scooped up the properties, he often employed other owns to act as a shield on public records, the Real Deal reported. Buyouts of residential and retail tenants at the 10 buildings are currently ongoing, but Barnett expects demolition work to begin within six months, according to the report.

The buildings currently occupying the building site contain 102 residential units and nearly one dozen commercial spaces, the Real Deal reported.

Read the full Real Deal report here.

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