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Extell scraps plans for not-so-tall Midtown tower

It's one of a few sites that Gary Barnett's development firm has parted ways with recently

Despite the fact that it's one of New York City's most prolific developers, Extell Development recently pulled the plug on one of its forthcoming projects. The company, headed up by Gary Barnett, sold the site at 134 West 58th Street for $61.5 million, reports the Real Deal. The space was slated to house an 18-story, 41-apartment building—a relatively small building for the company—but has since decided to abandon that project along with a few others, including a parking garage at 10 West 48th Street and a site at 30-32 East 29th Street.

The speculation is that Extell wants to pour its money into its more high-profile projects like One Manhattan Square, a 77-story tower that is taking shape on the Lower East Side, or the planned supertall Central Park Tower, just a few blocks from the 58th Street site. (Though the firm recently partnered with Shanghai Municipal Investment USA for the $4.4 billion skyscraper, so perhaps it's just hedging its bets.)

But this most recent sale hasn't stopped Extell from barreling forward with some of its other projects: Recently, the firm received demolition permits from the city that cleared the way for work to begin on a mysterious development in the Diamond District.