Developer Gale International has agreed to buy a Flatiron District development site that is currently owned by Gary Barnett’s Extell Development Co.
The site, located on 19-25 W. 20th Street, is a 9,200 square foot vacant lot that sits next to a parking garage. The asking price was reportedly $300 a buildable foot. If it closes the deal, Gale International will be able to add three stories on top of the parking lot, which is leased out by Icon Parking.
The deal was first reported by Crain’s New York.
The site “is under contract, and we are expecting a closing in a couple of months,” said Robert Knakal, chairman of Massey Knakal, which was marketing the property and was involved in the sale.
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