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Extell pays Catholic Church $16M for Hell’s Kitchen air rights

Plans 40-story residential tower on same block as Silverstein project

August 10, 2012 04:00PM
By Adam Pincus



"Gary Barnett’s Extell Development has acquired a large amount of development rights, which it will use to increase the size of a little-noted residential tower project in the neighborhood, for $16.46 million from a Roman Catholic Church in Hell’s Kitchen.

Barnett’s company bought nearly 140,000 square feet in air rights from the Roman Catholic Church of Saint Raphael, located at 502 West 41st Street, near 10th Avenue, on July 31, city property records published today show. The developer is planning to build a residential tower of more than 40 stories on the west side of 10th Avenue between 40th and 41st streets, just to the east of the church, Barnett, the company’s president, told The Real Deal.

The new tower will extend over some portion of the church’s property by way of a cantilevered structure, the city records show, but did not say exactly how far.

... The Barnett project is on the same city block, and just to the east, of a proposed residential tower that Silverstein Properties is building — only separated by a mid-block access road for the Lincoln Tunnel. Silverstein’s project, at 514 11th Avenue, was first reported by TRD, and is in the early stages of planning..."