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Extell nabs former Wellington Hotel with potential plans to build up



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Towering change is in retailer on the northeast nook of Seventh Avenue and West fifty fifth Avenue. Gary Barnett’s Extell is paying $94.4 million to purchase the leasehold of the former Wellington Resort from Richard Born’s BD Inns, in line with metropolis Finance Division data.

The formidable developer’s plans for the historic property one block south of Carnegie Corridor had been unknown. Barnett couldn’t instantly be reached.

However sources mentioned that Extell’s transfer, when accomplished, shall be simply certainly one of an advanced set of transactions with “many transferring components” that may embrace air rights for a a lot bigger constructing than the 27-story Wellington, which has a mere 207,000 sq. ft on a 22,000 square-foot nook lot.

It was understood {that a} new lodge will possible be a part of any new tower and that Born will stay a companion within the undertaking.

We first reported that the 1902-vintage Wellington was closing in December 2021 when a demolition clause pressured eating places Molyvos and Park Cafe to shut. The lodge went darkish however no plans have but been filed with the Division of Buildings.

Extell’s accomplished Manhattan initiatives embrace One Manhattan Sq. on the Decrease East Aspect, the International Gem Tower on West 47th Street and Central Park Tower on West 57th Avenue.

Gary Barnett
Gary Barnett’s Extell is paying $94.4 million to purchase the leasehold of the previous Wellington from Richard Born’s BD Inns.
Bloomberg by way of Getty Pictures

BD Inns owns 24 Manhattan inns and not too long ago restored and reopened the long-closed, landmark Chelsea Resort.