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EXTELL DEVELOPMENT CORP. is quietly shopping a huge swath of land at Riverside South, the valuable West Side development that it agreed to purchase from Donald Trump and a consortium of investors only months ago, real estate sources say. The price tag could reach as high as $1 billion.
The move has caught industry insiders by surprise. Extell and its partner-Washington, D.C.-based investment fund The Carlyle Group-are planning to build condominium towers in another section of Riverside South and had been expected to develop the rest of the available property.
In June, Extell and Carlyle agreed to pay $1.76 billion for a chunk of Riverside South, in the city's largest residential property sale ever. Extell and Carlyle already have deals to sell three rental buildings for $816 million. Now, if they can get the right price to flip as much as 2.4 million square feet of vacant land, they could recoup their entire outlay.
At least two bidders have submitted offers on the property, which is between West 59th and West 61st streets,...