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Extell affiliate to pay $36M for development rights of NYC church

An affiliate of property developer Extell Development Co. is in contract to acquire 102,170 square feet of development rights of The Church of St. Monica in New York City for approximately $35.8 million, The Real Deal reported, citing a legal petition by the church.

Extell also has an option to acquire an additional 6,748 square feet of development rights of the property at 406 E. 80th St. for $250 per square foot, according to the report.

The publication noted that an Extell representative did not respond to requests for comment about the matter.