Extell Development Closes $39M Acquisition of Midtown Manhattan Office Site for Redevelopment

Extell Development has completed the acquisition of the 165 East 56th Street office property in Midtown Manhattan for $39 million. Purchased from the American Jewish Committee, which has occupied the building since 1959, the site is positioned for potential redevelopment. While formal plans remain undisclosed, the property was marketed as a prime candidate for office-to-residential conversion, offering up to 89,000 square feet for residential use or 112,000 square feet for a mixed-use project, with additional potential for a transit improvement bonus.