by Howard Morrel & Leslie Hirsch
57th Street Report
Extell Development has sold a retail condominium at 171 West 57th Street in Midtown for $25 million, according to city records released on Friday.
The buyer, Cindy Chan, acquired the property through CCW Family Realty, while Extell’s Gary Barnett signed for the seller. The details of brokerage representation remain unclear, as neither Extell nor Chan provided immediate comments.
The 9,975-square-foot retail space, located at the base of The Briarcliffe, a 1922-built residential tower overlooking Central Park, has changed hands multiple times. Barnett originally purchased the condo in 2001 for $6.7 million, sold it to Forrell & Thomas in 2006 for $10.2 million, and then leased it back under a 49-year ground lease valued at $5 million. Extell later repurchased the space in July 2023 for $11.3 million before selling it to Chan.
Chan is familiar with Extell’s properties—she and Hung Wong previously purchased a $28.6 million residence in Central Park Tower, another Extell development.
Current tenants of the retail condo include Oak & Steel Fine Wines and Spirits and Chase Bank, though their status under the new ownership remains uncertain.
All the best,
Howard Morrel & Leslie Hirsch
Christie’s International Real Estate Group
(212) 956-4823
mha@christiesrealestategroup.com
