Big news - Gary Barnett just purchased 24 West 57th Street.
This means one of two things - Barnett plans a major Billionaire's Row tower just to the west of the Solow assemblage, or Barnett plans on pressuring Solow to sell, so that Extell can build a large tower with the two combined assemblages.
https://therealdeal.com/new-york/2024/10...illionaires-row-move-on-stefan-soloviev/
It's paywalled, but here's the relevant exerpt:
Gary Barnett is back to doing Gary Barnett things on Billionaires’ Row.
The chessmaster of Manhattan development has positioned himself to gain control of a prime site on West 57th Street right next to a big assemblage owned by rival Stefan Soloviev, sources told The Real Deal.
Barnett’s Extell Development recently acquired the $50 million defaulted loan on APF Properties’ block-through plot of land at 24 West 57th Street, giving him a path to foreclose on the site and take control.
On its own, the property is a sizable site that has the potential for more than 140,000 buildable square feet. But it also sits next to a four-piece assemblage at 6-20 West 57th Street that Soloviev’s company has been stitching together since the 1980s at a cost of more than $300 million.
It’s not exactly clear what Barnett has planned. But given his track record of covert dealmaking, it hints at the possibility of a grander strategy.
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