Extell Development Company
ORG
Extell Extell Development Company
The Extell Development Company plans to demolish the tenements to develop a glassy L-shaped building that will fill the block between 85th and 86th Streets and extend east along the south side of 86th Street, occupying about a third of the block. Gary Barnett, the president of Extell, said he was negotiating leases for large spaces with a major bookseller and a clothing retailer. Extell's retail broker, Gary Trock, said the project would stimulate further development on 86th Street. The Extell Development Company, on Lexington Avenue, plans to demolish the tenements to develop a glassy L-shaped building that will fill the block between 85th and 86th Streets and extend east along the south side of 86th Street, occupying about a third of the block. Gary Trock, who was the Extell's retail broker, a senior vice president at CB Richard Ellis, said the project would stimulate further development on 86th Street. Mr. Trock said that Extell is seeking an annual rent of $400 a square foot for the ground-floor space, a big jump for a street where rents were customarily less than $200 a square foot.