A first-time Manhattan developer that has been building a new city in South Korea scooped up a prime Flatiron District site from Extell Development.
The deal for the property at 19-25 W. 20th St., between Fifth and Sixth avenues, would include air rights to build above a neighboring seven-story garage, Crain’s reported. This would be the first hometown project for New York City-based Gale International.
The vacant lot measures 9,200 square feet and had an asking price of about $3000 per buildable square foot, according to Massey Knakal Realty Services, which marketed the site and air rights.
Extell Development bought the land with the garage for $28 million in 2007. The builder received approval from the Landmarks Preservation Commission to construct a 15-story residence on the site and put three more stories on top of the 292-car garage.
More about Gale International and that completely new city in South Korea: the development and investment firm is collaborating with architect Kohn Pedersen on creating a 100 million-square-foot metropolis on 1,500 acres. The finished multi-phase $35 billion project will be called the Songho International Business District. Gale International has directed the master plan process since the start of the project in 2000. There are currently about 50 buildings under construction in the city, which officially opened its first phase in August 2009.
In terms of square footage (all 100 million of it), Songho International Business District is slated to be 40 percent commercial space, 35 percent housing, 10 percent retail, 5 percent hospitality and 10 percent public space. Some renderings from Gale International’s website below: