It took me a decade to put it all together, but Extel boss Gary Barnett finally locked up the site of his dreams. This is the entire block front of 5th Avenue between West 46th and 47th Avenue.
Real Estate Titan purchased a holdout lot at 576 Fifth Avenue, next to 576 Fifth Avenue, from the South Korean owner on a deal that closed Thursday night. The combined site has an address of 570 Fifth Ave.
The purchase was $175 million compared to the $101 million paid to the previous owner for the location in 2021.
“We paid a stupid price, but it gives us the whole block, which is amazing,” Burnett told the Post.
“This is the largest footprint available in Midtown.
He built the land he owns 574 5th next door, a 33-storey 1.1 million square foot tower for offices and a huge new IKEA Superstore, opening for the first time in Manhattan. The project is expected to cost over $1 billion.
Ikea's parent, Ingka Investments, owns the 80,000 square feet of portions entirely and is an Extell partner throughout the project.
Barnett spent a decade buying all the pieces he needed, except for the ones he escaped.
SAE-A deals have come from everywhere to buy more from local partnerships. The Korean company destroyed the 12-storey diamond building after its purchase, but did not submit plans for the new building.
Burnett was ready to build a mega tower without corners, but would have missed a prominent tooth at the northern end.
Burnett said the large tower, including the corner, will soon submit plans to the building's department.
The tower, designed by KPF Architects, is “ready for delivery to tenants in three years,” he said.
The excavation is already going well.
The tower's over one million square feet of office floors include several 65,000 square feet on the base and just 27,000 square feet on the top.
