Ever since luxury high-rise developer Gary Barnett snapped up 17 buildings in the East Village, we've received an ongoing stream of emails from concerned residents wondering if they were about to get evicted so Barnett's Extell company could build some sort of downtown megacomplex. Up until now, we've never known Extell's true intentions for their Avenue A & etc. holdings, but now we do: sell them at a tidy profit. The Observer's John Koblin reports that Westbrook Partners paid $97.5 million for the entire portfolio, handing Extell a $25 million profit for 18 months of stone cold chillin'. In total, the buildings house 259 apartments and some local watering holes. So why did Gary Barnett cash out? Who knows, maybe he just wasn't down with the EVill. Westbrook is one of the companies that bid on Stuy Town, so this is no mom and pop operation. You can now begin sending us emails worrying about Westbrook evicting you.
· Extell Cashes Out of East Village For $97.5 M. [NYO]
· East Village Development Update: Extell'ya Later! [Curbed]
· CurbedWire: 744 Greenwich, Extell's East Village [Curbed]