165 East 56 Street
This is a straightforward acquisition by a highly credible buyer — Gary Barnett's Extell Development — of a 59,400 SF Midtown Manhattan office building priced at $657 per square foot, a modest valuation relative to prime Midtown submarket comparables, suggesting potential for repositioning or redevelopment upside. The DSCR of 0.94x indicates the deal does not currently cover debt service at stabilized NOI, which is a moderate credit concern for a lender and implies the acquisition may be underwritten on a value-add or repositioning thesis rather than in-place cash flow. The seller, the American Jewish Committee, is a reputable nonprofit with no apparent distress signals, and the transaction appears clean with no liens, litigation, or foreclosure flags. Extell's track record and balance sheet reduce sponsor risk significantly, though the office asset class in NYC continues to face structural headwinds from hybrid work trends, particularly for smaller mid-block buildings. Overall, this is a moderate-risk deal with strong sponsor credentials and a plausible repositioning or conversion thesis, warranting careful underwriting of the exit strategy and lease-up assumptions.
Deal Stats
Parties
Seller / Landlord
Ted Deutch - American Jewish Committee
The American Jewish Committee is a longstanding nonprofit advocacy organization headquartered in New York City; Ted Deutch serves as its CEO and is a former U.S. Congressman. The organization's sale of this asset is consistent with a trend of nonprofits monetizing owned real estate in Midtown Manhattan to reallocate capital toward programmatic missions.
Buyer / Tenant
Gary Barnett () - Extell ()
Gary Barnett is the founder and CEO of Extell Development Company, one of New York City's most prolific and well-capitalized luxury real estate developers, with a portfolio exceeding $8.1B in transaction volume across 52+ deals including notable projects such as One57 and Central Park Tower. Extell is known for acquiring undervalued or repositionable Manhattan assets and has the financial depth and operational expertise to execute complex redevelopments.
Score Analysis
How to improve
The following actions could meaningfully improve this deal's Homage score. Each suggestion is based on the deal's profile, asset type, and current rating — addressing them before approaching a lender can increase approval likelihood and lower borrowing costs.
Strengthen sponsor track record documentation
Prior deal history and project completions directly improve track record score.
Clarify transaction structure
A clearly documented deal structure reduces perceived risk.
Provide updated rent roll or income documentation
Verified cash flow data improves confidence in asset performance.
Raw Deal Textclick to expand
Submit Growing Financial Partnerships For Over 30 Years. Get Started Deals New York Office Sale 165 East 56 Street, Manhatt... Daily limit: 6/10 Gary Barnett's Extell Acquires Manhattan Office Building From Ted Deutch For $39 Million SOLD $39,000,000 59,400 SF Sold 2 weeks ago the deal players comps contact related Summary NEW YORK Asset Type: Price Per Square Foot: $656 Total Square Footage: Transaction Type: An office building located at 165 East 56th Street in Manhattan, NY, has been sold for $39 million. The asset spans 59,400 square feet, resulting in a price per square foot of approximately $657. The transaction took place within the Manhattan market. Summary of transaction details: Property Type: Office Transaction Amount: $39,000,000 Square Footage: 59,400 Price Per Square Foot: $657 Buyer: Gary Barnett - Extell Seller: Ted Deutch - American Jewish Committee Gary Barnett's company, Extell Development, acquired the property from the American Jewish Committee, represented in the transaction by Ted Deutch. See More Players All Buyers | Sellers Gary Barnett 52 deals $8.1B volume BUYER Details Deal Summary IMAGE: Gary Barnett & Ted Deutch DATE: 05/13/2026 ADDRESS: 165 East 56 Street MARKET: Manhattan ASSET TYPE: Office BUYER: Gary Barnett (@RealGaryBarnett) - Extell (@Extell) SELLER: Ted Deutch - American Jewish Committee SALE PRICE: $39,000,000 SF: 59,400 - PPSF: $657 NOTE: Gary Barnett's Extell Development purchased a 59,400-square-foot Manhattan office building from the American Jewish Committee for $39 million. The acquisition of the asset, located at 165 East 56th Street, prices out to approximately $657 per square foot. Email New York | @tradedny Contact Get in touch with the broker you want Name Phone (optional) Message I'm an agent These are similar buyers of Office properties in this price range ba Unlock All Profiles Unlimited deal views Access investor profiles & contacts Exclusive comps & market data These are similar brokers based on this deal Enter any address to instantly view nearby comps, investors, brokers, lenders, and a visual map. NEW! Search No recent news available for this market No active listings available for this market Suggestions Analyze deals based on income, expenses, and financing. We automatically filled the calculator with data from the deal you are viewing, fill free to modify it to see how it affects the results. Deal Type SALE LOAN LEASE Purchase Price Loan-to-Value (%) Interest Rate (%) Amortization Period 30 years Loan Term 10 years Operating Income Gross Potential Rent (Annual) Vacancy Rate (%) Operating Expenses (Annual) Property Tax Insurance Maintenance Utilities Management Reserves Reset Net Operating Income (NOI) $2,080,000.01 Debt Service Coverage Ratio (DSCR) 0.94x DSCR below 1.0x - deal does not cover debt service Cap Rate 5.33% Cash Flow (Annual) -$138,558.76 Cash-on-Cash Return -1.27% Monthly Debt Service $184,879.90 Annual Debt Service $2,218,558.76 Is there something missing? Send suggestions We are telling CRE's story Traded is the #1 source for cutting edge CRE transactions & insights. States National Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming News Agents Agencies About About Us FAQ Testimonials Help Help Center Return Policy © 2026 Traded Media LLC . All rights reserved. Terms & Conditions Privacy Disclaimer Cookie Policy Do Not Sell My Info Acceptable Use