NEW YORK | 570 5th Ave (Extell) | 858 - 1,060 FT | 47 - 78 FLOORS - Page 19

Crawford · #**361** Posted **Yesterday, 9:25 PM**

Yeah, IMO urban IKEAs make a lot of sense, but I just find the specific location a bit odd. Brits and Brazilians headed to NYC to shop for - cheap, disassembled furniture?

NYguy · #**362** Posted **Yesterday, 9:47 PM**

Quote:

Originally Posted by Crawford

The development rights have now changed, as it's now a full-block site. I assume, if they need zoning changes, they'll have to resubmit under new assumptions.

I don’t know that Extell officially gained that corner lot. But if so, they could still proceed as-of-right. I don’t think they intend to go through a lengthy approvals process, but to build now, with what they have.

Quote:

Gary Barnett, Founder & Chairman, Extell Development Company: "We have been working on assembling this project for almost two decades and Ingka Investments' substantial commitment allows us to move forward with the construction and leasing…

https://commercialobserver.com/2024/...-fifth-avenue/

Quote:

Korean financial services firm Meritz Securities and Korean asset manager IGIS provided financing for the development, according to Extell and Ingka, which did not provide more information about the financing.

ChiND · #**363** Posted **Yesterday, 10:23 PM**

So is 1m sf the amount that Extell can build as of right?

Crawford · #**364** Posted **Yesterday, 10:42 PM**

IKEA is taking a 1/3 stake in the project, and the lender is a South Korean outfit.

I hope Extell delivers a high quality development worthy of the location.

streetscaper · #**365** Posted **Yesterday, 11:35 PM**

Office tower looks good in the renderings but an IKEA on fifth ave looks tacky to me lol

ChiND · #**366** Posted **Yesterday, 11:50 PM**

Maybe Ikea will move its US HQ there.

NYguy · #**367** Posted **Today, 1:35 AM**

Quote:

Originally Posted by ChiND

So is 1m sf the amount that Extell can build as of right?

It’s in the chart above. Including mechanical space, it should be close to 1 msf.

ChiND · #**368** Posted **Today, 1:42 AM**

Quote:

Originally Posted by NYguy

It’s in the chart above. Including mechanical space, it should be close to 1 msf.

Thanks. I did not like the original office design, but this slightly modified version (with the extra setback and lower height) looks much better. How tall do you think it is? 700’?

This thread is nine years old. I remember the final days of the crappy NYC souvenir shop and art gallery in that dumpy mock Tudor building. I’m glad that this is finally going to rise, and I hope (and believe) that this and 520 will fuel redevelopment of the crap in the 40s. The new pedestrianzation plan will really precipitate redevelopment.

NYguy · #**369** Posted **Today, 3:35 AM**

Another look at the project as proposed which Extell was close to beginning approvals on...

KingNYC · #**370** Posted **Today, 4:23 AM**

This apparent new design reminds me of 300 Madison Avenue nearby.

That building is 575 feet tall and 1.2 million sq feet.

It also evokes Extell's only other office building- the International Gem Tower, which stands 500 feet tall and has 700K sq feet.

However, this tower is more attractive than both of those.

This tower is also in a super prime location from a view and traffic standpoint.

It will add a lot of beef to a relatively low rise part of Midtown.

New York! America!