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Extell Buys Building and Development Rights on Third Ave.

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Gary Barnett and Extell Development may have an Upper East Side project in the works. The Real Deal reports that Extell purchased the mixed use building at 1683 Third Avenue between 94th and 95th Streets for $3.2 million, and the developer paid another $7.7 million for the property's development rights, including air rights. Extell also bought the development and air rights for the building next door at 1681 Third Avenue.

Both properties are four-story rowhouses zoned for commercial use on the first two floors, with residential above, and that's currently what they are used for. 1683 has 11 units, and Elliman lists a 1BR/1BA going for $1,495/month). Extell's plans for the properties are unknown, so if you have any other intel, you know what to do.
· Extell Buys Building, Development Rights in Yorkville [TRD]
· 1683 Third Avenue [StreetEasy]