Crain's
Extell gets landmark break on W. 57th
By Theresa Agovino
Published: November 10, 2009 - 3:37 pm
The Landmarks Preservation Commission handed Extell Development Co. a huge victory Tuesday when it shelved plans to vote on a building the company wants to raze to construct a huge mixed-used project. In August, Extell Chief Executive Gary Barnett told the commission that the company couldn't incorporate the façade of 225 W. 57th St. into the development and that designating it a landmark would kill the project and perhaps cause his lenders to foreclose on the site.
“Needless to say we are very happy with the outcome,” said Raizy Haas, senior vice president of development at Extell. “It's not just good for us. It is good for the city—it will create many construction and permanent jobs.”
The commission's decision to call off the vote was surprising because it typically doesn't landmark buildings against the will of its owner. But last summer, the commission signaled its interest in designating two buildings on the site owned by Extell by starting the process with an act known as “calendaring,” or putting them on the schedule for review. Later, the City Council, which has the power to override a Landmarks Preservation Commission vote, joined in Mr. Barnett's opposition to landmarking 225 W. 57th St.
The Council's stand was one reason the vote was called off, according to a statement by commission Chair Robert Tierney. He added that after considering information on the building, including analysis supplied by Extell, he didn't think the property was worthy of the designation. In the past, the commission has been accused of being too developer friendly.
However, the commission did vote to landmark 1780 Broadway, between West 57th and West 58th streets, saying it is a noteworthy reminder of the automobile industry's prominence in New York in the early 20th century. Both buildings were owned by BF Goodrich but the Broadway property once served as its headquarters. At least two other buildings in that neighborhood have been landmarked because of their connection to the automobile industry.
Mr. Barnett had said he could work the Broadway building into the development even though it would present costly challenges. Extell plans to construct a tower of up to 1.5 million square feet that would include retail and office space, a hotel, condos and maybe even trading floors. Ms. Haas said it was too soon to say when the company would break ground because three or four buildings still needed to be demolished and an architect hasn't been selected.
Extell is already developing a hotel a block over on West 57th Street.
http://www.crainsnewyork.com/apps/pb...911109990/1058