Posted Mar 25, 2013, 11:15 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,869
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http://therealdeal.com/blog/2013/03/...-lease-buyout/
Extell’s Pathmark deal includes $46M lease buyout
March 25, 2013
Quote:
Gary Barnett’s Extell Development will pay at least $149.5 million for a Lower East Side development site that until recently was home to a Pathmark supermarket, city records first spotted by the Lo-Down confirm. Extell went into contract on the site — located at 227 Cherry Street — in February, when Crain’s reported that the total sale price was $175 million.
The price includes the buyout of Pathmark’s lease for $46.5 million, city records show. And the remaining roughly $25 million could be a payment for the supermarket to vacate the space before its lease expires, Eastern Consolidated’s Adelaine Polsinelli speculated.
“Extell probably paid that to Pathmark to vacate,” said Polsinelli, who was not involved in the deal but has previously worked on the property. “They’ve been there forever.”
Extell is likely to build a luxury apartment complex at the development site, as The Real Deal reported. The site was sold by Park-It-Management, owned by the father-and-son duo of Fred and Gary Spindler.
In October of last year, a spokesperson for Pathmark said that the supermarket would relinquish its long-term lease to make way for a large-scale development project.
Barnett has been pushing the pedal to the shovel of late, with more Manhattan projects in the pipeline than any other developer.
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