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NYguy

Jul 19, 2025 3:08 PM

BTW, because this is being built on a zoned lot that includes 520 Park and most of the block, it's highly unlikely the Zeckendorfs had no clue this tower was in the works. But that's not our problem.

https://a4.pbase.com/o12/06/102706/1...lKdqNc.Lot.jpg

Extell is getting the bulk of its additional air rights from a transit improvement bonus, and a transfer of landmark air rights. It's the transit improvement bonus combined with the bulk modifications that gives us the current proposal. Otherwise, with just the landmark air rights alone you would get the 1,200 ft version.

Anyway, if Related does indeed built the 1,200 ft version of 625 Madison, the towers would step back in height away from 432 Park Avenue, a nice but not necessary touch to the skyline. I'll take it. Whatever happens with 800 Fifth remains to be seen.

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ChiND

Jul 19, 2025 4:33 PM

It will be interesting to see what happens with Bravo’s lawsuit.

NYguy

Jul 21, 2025 2:55 AM

JUY 20, 2025

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The beautiful landmark that will be contributing to this tower's rise....

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NYguy

Aug 11, 2025 3:31 AM

August 10, 2025

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655 and 625

https://a4.pbase.com/o12/06/102706/1...G.IMG_5297.JPG

NYguy

Aug 14, 2025 5:40 PM

https://www.crainsnewyork.com/real-e...ects-manhattan

From Ikea to residential towers: A look at Extell's expanding city portfolio

EDDIE SMALL
August 14,2025

Quote:

Extell Development has long been one of the most recognizable names in New York real estate, but the company has been on a tear lately even by its own lofty standards.

The firm, led by Gary Barnett, has major projects in store at 570 Fifth Ave. in Midtown, 32 W. 48th St. near Rockefeller Center and the former Disney/ABC campus on the Upper West Side. And it appears to be behind the February purchase of the Midtown townhouse at 34 E. 61st St. as well, likely as part of its plans for a massive skyscraper at nearby 655 Madison Ave.

Quote:

Knakal suggested Extell's current burst of activity is due to a combination of finding attractive properties on its own, fielding appealing offers from brokers and having other developers come to Extell directly before they put their portfolios on the market. Although many aspects of the city's real estate market are still in flux as it continues an uneven recovery from the pandemic, that may work to the advantage of well-capitalized firms like Extell.

"You ask any developer when they made the best buys of their careers and the best deals of their careers, they always say [it's] when they bought something that nobody else wanted," Knakal said. "Development isn't instantaneous. You buy today, you're not going to be trying to rent or trying to sell units in that building for three, four, five years."

Eastdil Secured's Will Silverman, who has worked with Extell on multiple deals, described Barnett as "idiosyncratic." The company's current wave of projects is likely due more to the right sites becoming available at the right time than to Barnett trying to take advantage of any broader trends in the industry, he said.

Quote:

655 Madison Ave.

This big project from Extell seems to keep getting bigger.

The firm purchased the Midtown office tower for roughly $160 million in October and filed plans late in 2024 to tear it down and build a 37-story mixed-used development at the site. However, Extell then applied for a rezoning in July that would make the building even larger. It would stand 74 stories tall and span roughly 765,000 square feet with 154 residential units, along with office and retail space, if the rezoning goes through. Extell would aim to finish the project by 2031 and make improvements to the N/R/W subway station at Fifth Avenue/59th Street in exchange for the extra space.

And the company may have been behind the recent purchase of the roughly 10,000-square-foot townhouse at 34 E. 61st St. as part of the project. Extell just filed demolition permits for the property, which is located around the corner from 655 Madison Ave. and was sold earlier this year for $27.5 million. Albert Sultan of the commercial brokerage Kassin Sabbagh Realty signed the deed on behalf of the buyer, a shell company named 34E61 LLC. He declined to confirm whether Extell was the firm behind the limited liability company.

Doubleu1117

Aug 21, 2025 3:33 PM

https://i.imgur.com/aleHOGR.jpeg

https://i.imgur.com/j4LHU3r.jpeg

NYguy

Aug 21, 2025 5:20 PM

New restaurant, new building. Looking forward to renderings from this one also.

NYguy

Aug 22, 2025 3:36 PM

It's been said that Chanel is the retail anchor tenant, having purchased it's location from Extell ($450 million). Extell has been known to jumpstart projects with retail anchoring/partnering in the development (Nordstram at CPT, Ikea at 570 5th , etc). A look at some of the retail along this stretch of Madison...

https://a4.pbase.com/o12/06/102706/1...sT.Retail2.jpg

NYguy

Aug 28, 2025 3:47 AM

August 27, 2025

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NYguy

Aug 29, 2025 3:02 PM

https://www.cb8m.com/event/33710/

Landmarks Committee
PUBLIC HEARING
Monday, September 15, 2025 - 6:30 PM

Quote:

1 East 60th Street (Upper East Side Historic District) – Acheson Doyle Partners Architects, P.C. – A Neo-Italian Renaissance style building designed by Mckin, Mead, and White and constructed in 1892-1894. Application is for a Continued Maintenance Program to facilitate a transfer of development rights from the Metropolitan Club to 655 Madison Avenue.

NYguy

Sep 6, 2025 12:34 AM

https://www.bisnow.com/new-york/news...rojects-130828

Extell Lands $1.2B In Equity From Hedge Fund For 9 Projects — Including 1.8M SF Disney Redevelopment

September 05, 2025
Sasha Jones

Quote:

655 Madison Ave.

Since acquiring 655 Madison Ave. for $160M a year ago, Extell has been charging ahead with the construction of a mixed-use tower.

Originally, a 37-story building was pitched for the site. In July, that proposal was supersized to a 765K SF, 74-story skyscraper with 154 condos, 163K SF of office and 70K SF of retail, according to documents filed with the Department of City Planning.

That’s only if Barnett receives the proper zoning approval. As of right, the developer can build an 84-story supertall with a total of approximately 600K SF.

Extell has reached a sales agreement with a fashion and cosmetics company for the commercial space in the planned tower, according to the TASE filings, which appear to confirm reports that Chanel is in talks to buy the retail space for around $450M.

NYguy

Sep 9, 2025 4:56 PM

https://www.curbed.com/article/520-p...l-lawsuit.html

A Park Avenue Scuffle Over an $80 Million View

By Matthew Sedacca
September 9, 2025

Quote:

When sales at 520 Park opened in 2015, the pitch was clear: The Robert A.M. Stern–designed tower, 54 stories of limestone lording over Central Park, was for Masters of the Universe. William and Arthur Zeckendorf had paid a pretty penny for the address itself because, as they wrote at the time to then–Manhattan borough president Scott Stringer, its prominence in the skyline called for something grander than 45 East 60th — a mere “midblock building.” A listing asking $100 million for the top-floor penthouse duplex (carved out of a triplex that had previously asked $130 million) boasted of an “unprecedented” solarium, a custom staircase, and five bedrooms. And because it was at the tippy-top of a supertall, “panoramic views from all four exposures.” A-Rod (and then-girlfriend Jennifer Lopez) were reportedly intrigued. The vacuum billionaire James Dyson bought a sponsor unit for just under $74 million. Sale records were set as the building’s “mansions in the sky” filled up.

Enter: 655 Madison Avenue, the incoming supertall being developed by Gary Barnett’s Extell — purveyor of all things tall, skinny, and expensive. Barnett was initially tight-lipped about his plans for the lot, which Extell purchased this past October for nearly $160 million, but its scope came into focus after his firm acquired the adjacent properties. In July, Extell revealed a pair of renderings for the supertall, one of which appears to put a new 84-story tower close enough to 520 Park that each building’s residents could reasonably look in on the other. (Extell’s second rendering, at 74 stories, includes setbacks that would give some space between the two high-rises.) But perhaps worst of all, the new tower meant 520 Park could lose its west-facing views. No more panorama!

Quote:

Whether the 520 buyers are victims of a nasty little trick or just foolish for thinking they could control the skyline, shifting views are not an uncommon problem. New buildings go up all the time in the city, so it’s nearly impossible to know what you might be looking at from your kitchen window ten years from now. “I cannot tell you the amount of buildings where I have drawn lot-line windows, and they have beautiful views, and they just … disappear,” says Alex Loyer Hughes, co-founder of Kurv Architecture. “It’s frustrating, but if you’re going to drop that many millions on a condo, you need to be looking at the fine print.” Asher Alcobi, who recently sold the building’s 31st-story unit, believes the views at 520 Park ultimately are “not going to be blocked” by 655 — though perhaps “compromised.” (Another real-estate type, however, was less generous — the view of the park wasn’t the problem; it was looking at the neighboring tower itself that would hurt: “Extell buildings are historically ugly.”)

NYguy

Sep 15, 2025 1:05 AM

Quote:

Originally Posted by NYguy (Post 10475415)

https://www.cb8m.com/event/33710/

Landmarks Committee
PUBLIC HEARING
Monday, September 15, 2025 - 6:30 PM

NYguy

Sep 17, 2025 12:08 AM

Discussion at the 3:07 mark...

Nice to see Bunny Folger making an appearance at 3:33

• Video Link

NYguy

Sep 21, 2025 6:16 PM

September 20, 2025

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Starting to see some progress...

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The Metropolitan Club...

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NYguy

Sep 22, 2025 4:42 PM

More graphics…

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NYguy

Oct 25, 2025 12:10 AM

OCTOBER 24, 2024

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NYguy

Oct 26, 2025 1:53 AM

A comparison between Extell's 871 7th (Wellington) and Extell's 655 Madison. We now wait for Extell's ABC site tower, which will be the tallest of the trio. All 3 will be taller than Extell's 740 8th Avenue supertall.

https://a4.pbase.com/o12/06/102706/1....655and871.jpg

NYguy

Nov 22, 2025 3:10 AM

NOVEMBER 21, 2025

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NYguy

Dec 11, 2025 6:37 PM

https://therealdeal.com/new-york/202...zed-buildings/

Gary Barnett deal shows way to save rent-stabilized buildings
City of Yes allowed more air rights transfers, helping landmarked properties

Quote:

When you think Gary Barnett, you think Billionaires’ Row penthouses, not run-down rental buildings.

But Barnett’s Fifth Avenue air rights deal offers a solution for rent-stabilized properties in crisis.

Barnett’s Extell Development is acquiring 135,000 square feet of air rights from the Metropolitan Club on Fifth Avenue for his mixed-use project at 655 Madison Avenue — a deal made possible by the City of Yes.

The club’s 790 Fifth Avenue is a landmark. Before City of Yes, it could sell air rights to a very limited number of properties next to it, but because the market was microscopic, a deal never happened. The club is only using 42 percent of its theoretical square footage, according to PropertyScout.

The City of Yes for Housing Opportunity, passed in 2023, allowed landmarks to transfer air rights to sites farther away. Barnett’s development site is a full avenue from the Metropolitan Club, but now it can acquire the club’s rights.

If Extell uses the 135,000 extra square feet to build more apartments, it would mean homes for hundreds more people and millions of dollars of additional tax revenue. I think we can all agree those are good things.

Another plus: The Metropolitan Club will get money from the sale. Landmarks are expensive to maintain, and the sale proceeds will be used to fund continuing maintenance under a plan filed with the Landmarks Preservation Commission.

Given the extra costs that the commission imposes on buildings when it makes them landmarks, expanding their ability to sell air rights was the least the city could do.

Why not help rent-stabilized buildings in the same way?

NYguy

Dec 16, 2025 2:47 AM

https://www.bisnow.com/new-york/news...vestors-132377

Gary Barnett Is Chasing Cash Flow Over Condos

December 15, 2025
Sasha Jones

Quote:

……. Extell's most dramatic venture is 740 Eighth Ave., where Extell is building a supertall mixed-use hotel featuring a drop ride a thousand feet above Times Square. Roughly nine floors of the 52-story tower have risen so far, he said.

He said on the Nov. 30 call that Extell expects to close a construction loan for the project, known as The Torch, during the first quarter. Bisnow previously reported that the firm has lined up as much as $1.3B in financing for the development.

“We're in a position where the hotel could open up in less than three years. The building should be finished in four years,” Barnett said. “We're expecting it to generate enormous cash flow for the company.”

The company already owns a handful of hotels in Times Square and resorts in other parts of the country, as well as operating third-party management firm Extell Hospitality Services.

Quote:

Extell picked up 655 Madison Ave. for approximately $160M after Williams Equities was determining a new future for the building, having already filed a demolition permit at the site. There, Barnett is planning a mixed-use supertall with residential, office and retail, according to filings with the Department of City Planning.

Extell’s project pipeline also includes the former Wellington Hotel at 871 Seventh Ave., where it is planning a 1,050-foot tower with 156 hotel rooms, 130 residential units, 55 parking spaces and ground-floor retail, according to city filings.

The developer also acquired the multiproperty former Disney campus on Columbus Avenue and West 66th Street. The firm has filed permits to build a 25-story building at 37 W. 66th St., though Barnett has a habit of changing plans to dramatically add square footage later in the process.

It is also planning a 1,200-foot tower at 77 W. 66th St. that has faced pushback from the well-to-do neighborhood, with actor Tony Danza leading protests against Barnett.

Many of the coming projects are being supported by $1.2B of preferred equity from an unidentified hedge fund, Bisnow first reported. Barnett said the financing deal closed in early July and that “we have all the money we need” as a result.

NYguy

Dec 16, 2025 2:20 PM

https://commercialobserver.com/2025/...-tyko-capital/

Extell’s 655 Madison Ready to Rise With $1.13B Loan From Tyko Capital
Chanel bought the tower's retail podium and will also utilize some of its office space

BY CATHY CUNNINGHAM
DECEMBER 16, 2025

Quote:

The year may be drawing to a close, but the deals just keep on closing — including New York City’s biggest construction loan of the year, no less.

Gary Barnett’s Extell Development just sealed a mammoth construction loan for its new supertall skyscraper at 655 Madison Avenue, Commercial Observer has learned.

Quote:

Tyko Capital is the lender behind the $1.13 billion financing that closed Dec. 15, sources said. The deal was direct, with no brokers involved.

Rising 74 stories and designed by Beyer Blinder Belle, 655 Madison Avenue will span 764,698 square feet and feature condo units in the upper floors, a retail podium at its base, and office floors in between.

Luxury fashion house Chanel will house its new retail flagship at the building’s base and also have offices in the building, sources said.

The company struck a deal to acquire roughly 65,000 square feet of space in total for around $450 million earlier this year, following in the footsteps of other brands who snapped up New York City real estate in the past few years instead of renting it.

The New York Lion

Dec 16, 2025 2:32 PM

Incredible news.

NYguy

Dec 16, 2025 4:07 PM

Gary Barnett is a master of getting shit done.

Hudson11

Dec 16, 2025 6:14 PM

I wonder if this means LVMH is closing in on 745 Fifth and is going to supersize their own tower. There were reports the two companies were bidding for ownership of the other tower, and that curious rendering that appeared on the internet.

NYguy

Dec 16, 2025 9:44 PM

Quote:

Originally Posted by Hudson11 (Post 10526572)

Probably not, with the current tower sailing through approvals, but you never know.

ChiND

Dec 16, 2025 10:12 PM

Doesn't Beyer Blinder usually incorporate stone facades on residential towers? While I'm not expecting a Stern-caliber tower here, I'd much rather have something like The Kent with a brick facade and classic, windows with grids than a simple glass box.

Maybe there will even be some semblance of a crown like on The Kent.

https://www.horsepowernyc.com/wp-con...L-608x1080.jpg
BBB

Gary Barnett bags $1B+ loan for 655 Madison
Project involves rezoning for 765K sf, reaching 1,162 feet with 154 units
https://static.therealdeal.com/wp-co...--1024x683.jpg

https://therealdeal.com/new-york/202...r-655-madison/

NYguy

Dec 16, 2025 10:26 PM

The office and retail component lends itself to glass.

https://a4.pbase.com/o12/06/102706/1...5feSQ5.d12.jpg

The drawing itself shows a glass tower.

https://a4.pbase.com/o12/06/102706/1...SizeRender.jpg

ChiND

Dec 16, 2025 10:31 PM

You’re right. This is likely going to be a very bland box. I wish it were a lot shorter.

I vastly prefer Stern’s 350 foot jewel at 800 Fifth over Extell’s 1,150 foot banal, glass box which is likely to rise on Madison. Then again, to each his own.

I dread the prospect of two boring, very tall Extell boxes on the UES and UWS.

Gary should emulate Naftali. Their projects are like suits from J.C. Penny and Brooks Brothers, respectively.

https://a4.pbase.com/o12/06/102706/1...SizeRender.jpg

Crawford

Dec 17, 2025 3:11 AM

I don't think the architects have ever done a glass box. They're known for doing ultra-contextual retro historicist designs. Just look at their most recent towers on the UES.

mrnyc

Dec 17, 2025 7:20 AM

its fun to make design assumptions based on massings.

not that it usually works out, but its fun.

ChiND

Dec 17, 2025 12:47 PM

Quote:

Originally Posted by mrnyc (Post 10526856)

its fun to make design assumptions based on massings.

not that it usually works out, but its fun.

The massing diagrams usually reveal a building's basic shape. This is clearly a box.

The New York Lion

Dec 17, 2025 1:06 PM

Quote:

Originally Posted by ChiND (Post 10526892)

The massing diagrams usually reveal a building's basic shape. This is clearly a box.

With any luck, this could be a 1,200- version of The Kent, which could be a stunning tower found nowhere else on Earth.

ChiND

Dec 17, 2025 1:08 PM

Quote:

Originally Posted by The New York Lion (Post 10526894)

With any luck, this could be a 1,200- version of The Kent, which could be a stunning tower found nowhere else on Earth.

That's what I was hoping because BBB buildings usually have nice facades, but NYGuy correctly pointed out that the first ten floors or so are office space, which usually entails a glass facade. If it were like a 1,150 foot Kent, it would be quite nice.

The New York Lion

Dec 17, 2025 2:03 PM

Quote:

Originally Posted by ChiND (Post 10526896)

That's a good point.

Let's just hope for the best.

If it's just a glass box, oh well. At least it will have height.

There will be plenty more opportunities as time marches on in The World Capital.

ChiND

Dec 17, 2025 2:18 PM

I agree! :cheers:

NYguy

Dec 17, 2025 6:20 PM

Nothing wrong with the building as is. If you have a problem with glass, boxy buildings, then your problem is with New York City, because look around. If this tower had an extra 900 ft, some of you would be talking about how only the greatest city in the world could pull it off.

https://a4.pbase.com/o12/06/102706/1...SizeRender.jpg

ChiND

Dec 17, 2025 6:32 PM

If this tower were in a shleppy location like 43rd and 3rd, I’d cheer it. In this iconic location, however, a glass box is unfortunate. If this were 2,000 feet tall, I’d be extremely disappointed.

Presumably, 655 Madison will look very similar to TWT but 300 feet taller. (TWT is around 860 feet tall.)

Would it have been too much to ask for a crown?

https://s3.amazonaws.com/images.skys...58_500x650.jpg
Skyscrapercenter.com

ssh	Dec 17, 2025 8:08 PM

Here was the massing diagram for 270 Park, for reference. Don't think you can declare this a box just yet...http://thumbs.6sqft.com/wp-content/u...77&format=webp

ChiND

Dec 17, 2025 8:19 PM

I don't recall what happened there, but I know that massing diagrams generally reflect that basic shape of the building.

I'd be elated if Extell builds something amazing. 50 W 66th is spectacular, and they had great success with it. I hope that the actual tower varies substantially from the MD.

NYguy

Dec 28, 2025 4:54 PM

https://therealdeal.com/national/202...tt-2026-plans/

Inside Gary Barnett’s end-of-year dealmaking boom

By Mike Romano
Dec 28, 2025

Quote:

For most of his career, Gary Barnett has preferred to let his buildings do the talking.

Extell has never been flashy about its dealmaking. Projects tend to simmer quietly, assemblages can stretch on for years and filings often appear only after the hard parts are settled. But over the past several months, Barnett has been unusually visible, moving multiple big bets forward at once.

Quote:

The clearest example came at 655 Madison Avenue. Extell closed on a $1.13 billion construction financing package for the proposed 74-story residential tower, the largest construction loan in New York City this year. JP Morgan provided the senior mortgage, Tyko Capital delivered the mezz and the deal was done without brokers. It followed a July rezoning push that doubled the project’s height and turned what began as a more modest plan into a 1,162-foot tower with luxury residences, office and retail. A Chanel-controlled retail condo is also in play, reportedly priced in the mid-$400 millions.

The financing capped months of groundwork that included land buys along East 60th Street, air-rights transfers and subway improvement negotiations. Barnett used a similar playbook a few blocks west at the former Wellington Hotel site, where Extell is now pursuing a 71-story mixed-use tower after initially filing for a far smaller hotel.

Quote:

At the same time, Extell’s long-running Upper West Side saga is turning a corner. Closings at 50 West 66th Street have accelerated, including a recent $46.75 million sale for a nearly 7,000-square-foot combination unit. The building is now more than 70 percent sold, a meaningful milestone for a project that spent years tied up in opposition and litigation.

Just across the street, Barnett is laying the groundwork for what could be his most controversial project yet, a 1,200-foot supertall at the former Disney campus. Over the past year, Extell has filed plans in stages, including smaller residential buildings with affordable housing and demolition permits, while Barnett has shown up to community board meetings to pitch trading height for peace. That effort is now backed by capital. In September, Extell disclosed a $1.2 billion preferred equity infusion from a hedge fund covering nine projects, including the Disney campus, the Wellington site and 655 Madison.

Quote:

Elsewhere in Midtown, Extell’s Fifth Avenue assemblage is finally snapping into place. After paying what Barnett called a “stupid price” to secure the final parcel at 576 Fifth Avenue, the developer is nearing a roughly 700,000-square-foot lease with Simpson Thacher & Bartlett at 570 Fifth, one of the largest office deals of the year. Anchored by Ikea’s first Manhattan flagship, the project marks a shift from Extell’s earlier supertall vision to a more tenant-driven office play.

For Barnett and Extell, 2025 brought a steady drumbeat of financings, filings, closings and strategic positioning across asset classes. He’s still playing the long game, just with more pieces moving on the board at the same time than we’re used to seeing.

NYguy

Jan 7, 2026 1:59 AM

https://www.pincusco.com/extell-sign...-of-1-1b-debt/

Extell signs $322.4M construction loan with TYKO Capital for supertall in Lenox Hill, part of $1.1B debt

December 31, 2025

NYguy

Jan 10, 2026 2:49 AM

JANUARY 9, 2026

https://a4.pbase.com/o12/06/102706/1...4.IMG_4335.JPG

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NYguy

Jan 17, 2026 2:53 PM

Nothing new, just refiling of the plans, as happens with all projects. But Gary Barnett has handwriting slightly better than my own.

https://a4.pbase.com/o12/06/102706/1...F.IMG_4667.JPG

NYguy

Jan 23, 2026 1:14 AM

https://nypost.com/2026/01/22/lifest...-destinations/

By Lois Weiss
Published Jan. 22, 2026

Quote:

Gary Barnett’s 74-story tower at 655 Madison Ave. is expected to host a flagship for Chanel. Prada may have to relocate when Related helps it develop another luxury condominium tower on its site at 720-724 Fifth Ave., while LVMH is developing a new 25-story tower to host its 1 E. 57th St. corner store and offices.

Further south, Barnett will construct a now larger, 1.6 million-square-foot office tower at 570 Fifth with an Ikea at its base.

NYguy

Feb 3, 2026 7:01 PM

https://www.pincusco.com/extell-deve...in-lenox-hill/

Extell pays $39.9M to Metropolitan Club for 135K sf in air rights in Lenox Hill

https://www.pincusco.com/wp-content/...6000032529.jpg

February 3, 2026

ChiND

Feb 3, 2026 7:07 PM

I wonder if those air rights are already incorporated into the 1,162 foot figure.

NYguy

Feb 4, 2026 12:48 PM

^ Yes. They have been talking about this since the reveal.

https://www.bisnow.com/new-york/news...roadway-133041

February 03, 2026
Ciara Long

Quote:

Extell Development bought the Metropolitan Club’s air rights at 1 E. 60th St. for $39.9M, PincusCo reported. The deal transfers the air rights to Extell’s 655 Madison Ave. development, where Gary Barnett’s firm is tearing down a 200K SF office building to make way for a supertall mixed-use tower anchored by a Chanel flagship store. Extell landed $1.1B in construction financing in December for the project, Commercial Observer reported.

ChiND

Feb 4, 2026 2:07 PM

Thanks.

NYguy

Feb 4, 2026 7:28 PM

https://www.crainsnewyork.com/real-e...ropolitan-club

Extell inks $40M air rights deal for massive 655 Madison project

EDDIE SMALL
Feb 4, 2026

Quote:

Extell Development has inked an air rights deal for the massive tower it hopes to build at 655 Madison Ave.

The prolific real estate firm, led by founder and chairman Gary Barnett, has paid roughly $39.9 million to the Metropolitan Club at nearby 790 Fifth Ave. for about 135,000 square feet of development rights, property records show. The deal closed on Jan. 29, according to the city register.

Extell purchased 655 Madison Ave., located at the corner of East 60th Street, for about $160 million in October 2024, part of an extremely active stretch of dealmaking for the company. It initially planned to construct a 37-story mixed-use tower on the site but is seeking to dramatically expand those plans. The developer now wants to rezone the site to build a 74-story tower that would span roughly 765,000 square feet with 154 residential units, according to its application with the Department of City Planning.

Quote:

The filing noted that it planned to increase the size of the project by using development rights from the Metropolitan Club, and by improving the nearby Fifth Avenue/59th Street N/R/W subway station to add about 130,000 square feet.

The project would include about 233,000 square feet of commercial space in addition to the residential space, and Extell would aim to finish it by 2031.

Quote:

Extell also recently went under contract to purchase 123,000 square feet of air rights from St. Thomas church at 678 Fifth Ave. in Midtown for $36 million, although the purpose of that deal is unclear. And the company is planning a similarly massive development at 871 Seventh Ave., the former Wellington Hotel site, that would stand 71 stories tall.

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