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Midtown Update-o-Rama

One57 developer Extell is making further moves in Midtown. The company just spent $61 million on 138 East 50th Street, currently a parking garage that's located between two hotels. There's no word yet on what Extell's planning for the space or what air rights might be available, but the 100 feet of sidewalk frontage could, the Post's Steve Cuozzo notes, accommodate a hotel or condo. Neither would surprise us. [NYP]