First Avenue Tenant Refuses Extell’s Buy-Out

  Last modified on November 24th, 2021

Greg Marshall, a long-time tenant of a low-rise building on 86th and First Avenue, isn’t planning on going anywhere. Extell bought the building, along with the others on the block, with the intention of demolishing them to construct a new development which they haven’t provided much details about.

The New York Times and Patch were first to report on this story.

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Marshall’s argument is that the developer has failed to provide information about what they plan on building, or to prove that they can pay for it, and “The state agency that administers rent regulations in these cases is refusing to allow Extell to decline Mr. Marshall’s rent renewal until those conditions are met,” writes the Times.

Extell’s chairman, Gary Barnett, told the Times that they have met all legal requirements for the demolition, and that they have offered Marshall a buyout in the millions. Barnett says they are “looking at building” a school with apartments above it, some of which would be below-market. Marshall’s lawyer, Fred Seeman, laughed at these claims. “‘Maybe we’ll build a school?’ Yeah, right. Affordable housing? Yeah, right,” he told Patch.

Another roadblock Extell faces in its quest to freely develop its project is a building down the street – 1645 First Avenue – which is owned by infamous landlords Stuart and Jay Podolsky, who do not appear eager to give up their property either.
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