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The New York Observer

Extell Believes! Plans 112 New Condos

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April 21, 2009 | 3:29 p.m
Gary Barnett in Extell's offices.<br /> (Michael Nagle.)
Gary Barnett in Extell's offices.
Michael Nagle.

Gary Barnett still believes in the New York City condo market.

On April 3, Mr. Barnett’s Extell Development filed plans with the city for a 13-story, 54-unit residential building at 147 West 21st Street. Then, on April 8, Extell filed plans for an 18-story, 58-unit building at 225 West 58th Street.

The moves demonstrate a rather comforting confidence in what is generally thought to be an ailing marketplace.

In recent first-quarter reports, Corcoran and Douglas Elliman estimated that Manhattan apartment sales had dropped since last year by 52 percent and 47.6 percent, respectively.

Even so, Extell spokesman George Arzt pointed out: “They’re both prime locations. And the apartments will be attractively priced.”

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