{"id":323855,"date":"2026-08-18T08:54:17","date_gmt":"2026-08-18T08:54:17","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/323855\/"},"modified":"2026-08-18T08:54:17","modified_gmt":"2026-08-18T08:54:17","slug":"extell-finalizes-deal-to-buy-110-east-55th-street-for-65m-commercial-observer","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/323855\/","title":{"rendered":"Extell Finalizes Deal to Buy 110 East 55th Street for $65M \u2013 Commercial Observer"},"content":{"rendered":"

After months of negotiations, Extell Development<\/a> has acquired 110 East 55th Street, a 19-story Midtown office property also known as Park 55, from the Parkoff Organization<\/a> for $65 million, property records<\/a> made public Monday show.\u00a0<\/p>\n

An affiliate of construction company JT Magen<\/a> \u2014 which had previously partnered with Extell on a foreclosure in Boston<\/a> \u2014 filed a pre-foreclosure suit at the property in May, The Real Deal reported<\/a>. The foreclosure complaint alleged that Parkoff defaulted on a loan and owed some $40.6 million in principal and interest.\u00a0<\/p>\n

SEE ALSO: Terreno Realty Acquires Red Hook Warehouse for $26M<\/a><\/p>\n

Parkoff and Extell did not immediately respond to Commercial Observer\u2019s requests for comment.\u00a0<\/p>\n

Extell founder Gary Barnett was reported to be in contract<\/a> for the property back in January, but a sales price was never reported until the deal closed this week. Now, Barnett will add the building to his firm\u2019s ever-growing collection of Midtown-based assets.\u00a0<\/p>\n

Most recently, Extell acquired a block-long development site at 405-417 Park Avenue in May for $500 million, CO previously reported<\/a>. The site \u2014 which has the potential for upwards of 700,000 square feet of rentable office space \u2014 went up for sale in August of last year.<\/p>\n

Extell also acquired the Friars Club building at 57 East 55th Street for $19 million in late April<\/a>. Additionally, Barnett secured<\/a> 123,000 square feet of air rights over Saint Thomas Church at 678 Fifth Avenue for $36 million last year.<\/p>\n

It\u2019s unclear exactly what Barnett has planned for his massive Midtown assemblage \u2014 which is also set to include 111 East 54th Street \u2014 but the developer is already busy with other development projects in Manhattan.<\/p>\n

The firm has several Midtown developments<\/a> in the works, including a 600-foot-tall office tower at 570 Fifth Avenue, a 1,200-foot residential tower at 77 West 66th Street, a 70-story condominium at 50 West 66th Street, a 71-story mixed-use tower at 871 Seventh Avenue \u2014 the former Wellington Hotel \u2014 and a 1,162-foot-tall residential skyscraper at 655 Madison Avenue.<\/p>\n

Amanda Schiavo can be reached at aschiavo@commercialobserver.com<\/a>.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"After months of negotiations, Extell Development has acquired 110 East 55th Street, a 19-story Midtown office property also…\n","protected":false},"author":2,"featured_media":323856,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[88827,88829,121978,24531,3624,1512,121977,75,84,83,9,24,63],"class_list":["post-323855","post","type-post","status-publish","format-standard","has-post-thumbnail","category-manhattan","tag-111-east-54th-street","tag-405-417-park-avenue","tag-57-east-55th-street","tag-678-fifth-avenue","tag-channel","tag-gary-barnett","tag-investments-sales-110-east-55th-street","tag-manhattan","tag-manhattan-headlines","tag-manhattan-news","tag-new-york","tag-new-york-city","tag-nyc"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/323855","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=323855"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/323855\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/323856"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=323855"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=323855"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=323855"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}