It took 10 years to place all of it collectively, however Extell boss Gary Barnett ultimately locked up his dream website — all the Fifth Avenue blockfront between West forty sixth and forty seventh streets.
The actual property titan purchased the holdout lot at 576 Fifth Ave., subsequent to his bigger 574 Fifth Ave., from its Korean homeowners in a deal that closed Thursday night time, The Publish has realized. The mixed websites may have the deal with of 570 Fifth Ave.
The acquisition price Extell $175 million, in contrast with the $101 million that the mysterious Sae-A Buying and selling Co. paid for the situation to the earlier proprietor in 2021.
“We paid a stupid price but it gives us the whole block, which is amazing,” Barnett informed the Publish.
“It’s the largest footprint available in midtown and maybe anywhere.”
He’ll mix it with the land he owns subsequent door at 574 Fifth and on the facet streets to construct a 33-story, 1.1 million square-foot tower for places of work and an enormous new Ikea superstore — the primary to ever open in Manhattan. The undertaking is anticipated to price over $1 billion.
Ikea’s guardian, Ingka Investments, will personal its 80,000 square-foot portion outright and is a associate with Extell in the entire undertaking.
Barnett spent a decade shopping for up all of the items he wanted, apart from one which obtained away — the dear West forty seventh Avenue nook.
Sae-A Buying and selling got here out of nowhere to purchase the lot from a neighborhood partnership. The South Korean firm demolished the 12-story diamond constructing after the acquisition however by no means filed plans for a brand new constructing.
Though Barnett was able to construct his mega-tower with out the nook, it might have had a conspicuous lacking tooth at its north finish.
Barnett stated he’ll quickly file plans with the Division of Buildings for the bigger tower to incorporate the nook.
The tower, designed by KPF architects, can be prepared “for delivery to tenants in three years,” he stated.
Excavation is already effectively underway.
The tower’s 1 million-plus sq. toes of workplace flooring will embody a number of flooring of 65,000 sq. toes on the base, and as little as 27,000 sq. toes on the prime.
