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Extell Sells a Portion of Riverside Center For $265M

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Will Riverside Center no longer be the kind of megaproject developers Extell and the Carlyle Group initially planned? The duo has sold yet another portion of the development site to Boston-based firm General Investment and Development Companies for $265 million, The Real Deal and Commercial Observer report.

In November, GID purchased 20 Riverside Boulevard for $210 million and two adjacent vacant lots for $55 million from Extell. Earlier this year, GID also purchased another Riverside Center site located at 40 Riverside Boulevard for $411 million, and are now planning to construct a 37-story residential building with 595 apartments, according to The Real Deal.

GID's plans for the new sites are unclear, but if they decide to develop a residential project, it seems unlikely that the megaproject status of Riverside Center will be altered in any significant way. What will however change is Extell's vision of the project. When it was originally proposed, Extell planned to build 2,500 residential and condo units, 140,000 square feet of retail and a cinema, a K-5 school for 750 students, and a 250-room hotel, all to be spread out over five buildings. The 31.5 million square foot development also included plans for 3.2 acres of publicly accessible open space, and 1,500 parking spaces.

So far, two residential buildings are under construction and a third one has been proposed. The Collegiate School is developing a new school building for their all-boys institution at the site as well.
· GID pays $265M for latest slice of Riverside Center site [TRD]
· Extell, The Carlyle Group Sell Riverside Center Land for $265M [Commercial Observer]
· GID looks to build 37-story tower at Riverside Center [TRD]
· Riverside Center Archives [Curbed]

40 Riverside Boulevard

40 Riverside Boulevard, New York, NY 10069