It was just about the worst kept secret on the Lower East Side. Now city finance department records confirm Gary Barnett of Extell Development, one of New York’s biggest developers, is indeed the new owner of the former Pathmark site on Cherry Street. The property, listed as 250 South St., changed hands for about $103,400,000 on March 15. In a separate transaction, Extell paid $46.5 million to acquire Pathmark’s long-term lease. So the deal is worth closer to $150 million.
The Pathmark grocery store closed at the end of last year, amid rumors that Extell had made a deal for the site. Current zoning allows for a nearly one-million square foot building on the parcel, which features views of the East River. It also happens to be surrounded by a lot of public and subsidized housing. Barnett, who grew up on the Lower East Side, is known for his “over-the-top” luxury projects.