NEW YORK | 570 5th Ave (Extell) | 567 FT | 32 FLOORS

[NYguy]

Originally Posted by MAC123

I realize it's a big tower but $4 billion? How is this sustainable? That's more than 1 WTC cost (obviously not really because Inflation and all that but you get the point)

Is this just the norm now? Is every mid to large project going to be billions now? Crazy work.

Obviously the developers can afford it now because big projects continue to be built and planned but for how long at this trajectory?

Originally Posted by mrnyc

^ its the norm for new build class A if you want enough quality and amenities to attract major clients.

Also, the full tower hasn’t been revealed. DOB filings currently don’t reflect the larger tower.

[ChiND]

I’m wondering if this indeed will be a 900 foot tower.

[NYguy]

"The total project cost is $4 billion, about 6 trillion won. Of that, $2.8 billion will be raised through a construction loan, a method similar to Korea's project financing (PF). The remaining $1.2 billion is equity investment. Extell itself will invest $600 million, and we are recruiting investors for the remaining $600 million."

"…The total leasable office area is about 1.5 million ft², of which Simpson Thacher is expected to occupy about 916,000 ft². Ikea plans to use about 95,000 ft² on the basement and second floors out of about 115,000 ft² of total leasable retail space."

The building as currently on file:















https://commercialobserver.com/2025/11/gary-barnett-manhattan-ikea-2025-2026/

…There’s the 600-foot-tall office building expected to cost more than $1 billion underway at 570 Fifth Avenue, on which Extell partnered with Ikea parent Ingka Investments. It will have an 80,000-square-foot Ikea store at the base.

[NYguy]

Extell already owns much of the block, but the particular lots put together for this building...











Makes for a pretty good footprint....



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[NYguy]

Extell hasn’t revealed the full expanded tower yet, but trying to piece some parts of the puzzle together…


https://www.crainsnewyork.com/opinion/cny-manhattan-office-investors-ask-wheres-mine-20260629/

JPMorgan Chase spent about $4 billion, or $1,600 per square foot, to develop its new 2.5 million-square-foot headquarters tower on 270 Park Ave

One Vanderbilt was about $3 billion, so they are putting some effort into 570 5th…



https://biz.chosun.com/en/en-realestate/2026/06/22/CYAB7FTV3NANJOGOW4C3FDFUJQ/

"The total project cost is $4 billion…”

https://www.mk.co.kr/en/world/12076582

It is a project to develop an entire block of 46th to 47th streets in Manhattan into an office and retail building with more than 90 floors.

….. More than half of the 90-story building's office space has already been pre-sold by Simpson Thatcher and Bartlett, a large global law firm. CEO Chung said, "Simpson Thatcher leased 60% of the total office….

[NYguy]

A look at how the tower's footprint has grown since the initial proposal...















The initial zoning envelope that fit both the residentail and office proposals...

[Busy Bee]

I'm assuming the little addition on 46th will be for additional or relocated loading facilities or something like that. If that stuff is shifted, it could see the retail space being enlarged on that side of the base.

[NYguy]

Originally Posted by Busy Bee

I'm assuming the little addition on 46th will be for additional or relocated loading facilities or something like that. If that stuff is shifted, it could see the retail space being enlarged on that side of the base.

Ikea will cover most of the retail space...

Ikea plans to use about 95,000 ft² on the basement and second floors out of about 115,000 ft² of total leasable retail space.

But the implication of the enlarged footprint is in how much more bonus space Extell will receive for the larger tower over the original, which was already considerably larger than what's on file now. Any bonus amount (extra FAR) will come based on that, not just the raw space.

[ChiND]

This could be a 1,000’ tower.

[NYguy]

^ Extell is known to build tall. It could happen, depending on layout of the upper floors. I suspect those floors will be layed out in a way to command very high rents, since the bulk of the building is already leased out.

[ChiND]

Originally Posted by NYguy

^ Extell is known to build tall. It could happen, depending on layout of the upper floors. I suspect those floors will be layed out in a way to command very high rents, since the bulk of the building is already leased out.

[ChiND]

I don’t recall seeing this rendering before which shows the tower occupying the whole block. It looks similar to what Extell originally showed the Community Board.

It appears to be more than double the height of 580 Fifth, which is about 450 feet tall.



https://www.byencore.com/tall-building

[Busy Bee]

Isn't that the mixed-use res/comm version rendering that had already been released? Or is this that version but with the whole block base?

[ChiND]

Originally Posted by Busy Bee;10623444[IMG

https://a4.pbase.com/o12/06/102706/1/174594579.5ywdoX2h.FullSizeRender.jpg[/IMG]]Isn't that the mixed-use res/comm version rendering that had already been released? Or is this that version but with the whole block base?

It looks very similar to the mixed-use version though it’s not identical. Also, as you note, no versions that were shown to the Community Board occupiedthe whole block from 46th to 47th.

It seems that the building on 46th that Extell acquired still stands in this rendering though, so that would suggest that this is not completely up to date.

Anyway, here’s the initial mixed-use version.



Here’s what I found tonight.

[NYguy]

Originally Posted by ChiND

I don’t recall seeing this rendering before which shows the tower occupying the whole block. It looks similar to what Extell originally showed the Community Board.

It appears to be more than double the height of 580 Fifth, which is about 450 feet tall.

https://www.byencore.com/tall-building

It’s from that time when they were planning the hotel/residential alternative. I wish they woukd go back to something like that, I like it better than the current linestone version.

[ChiND]

Originally Posted by NYguy

It’s from that time when they were planning the hotel/residential alternative. I wish they woukd go back to something like that, I like it better than the current linestone version.

This is different from the initial mixed use proposal. Look at the first outdoor level. Also, they never showed a full block version to the community board.

P.S.: Was your reference to a limestone version a typo, or have you seen something that we haven’t?

[NYguy]

Originally Posted by ChiND

This is different from the initial mixed use proposal. Look at the first outdoor level. Also, they never showed a full block version to the community board.

P.S.: Was your reference to a limestone version a typo, or have you seen something that we haven’t?

What was shown to the community board was a work in progress, and didn't include the full block long site, which is why the base is larger. It's essentially the same building. Extell is notorious for not providing renderings, so don't think we've seen all versions of even that.

As far as the limestone, it's why the newer version has a lighter color:


https://www.kpf.com/project/570-fifth-avenue-2

The building’s architectural language draws from the layered history of Midtown, where Beaux-Arts, Art Deco, and Modernist structures coexist in dense proximity. At 570 Fifth Avenue, this context is interpreted through a rational, contemporary form enriched by a carefully modulated façade.

A series of 3-foot-wide vertical panels composed of Pierre de Bordeaux limestone and framed in stainless steel rise the full height of the building, establishing a rhythm that resonates with the vertical emphases of nearby Rockefeller Center.

[ChiND]

At first, I thought that there might be a neoclassical office tower with a limestone facade. We may have a lot of news in store:

1. Final design for 1 E 57th
2. Design for 40 E 57th
3. Design for 570 Fifth
4. Design for Related’s condos at the Prada site.

I’m doubtful about Soloviev’s 10 W 57th. I think that site will be Vornadoed.

[ChiND]

Byencore also posted this.

This not only shows the full block, but it also appears to include the building with the Brazilian restaurant on 46th St that Extell acquired. It's clearly VERY tall.

[NYguy]

Originally Posted by ChiND

Byencore also posted this.

Yes, it was initially proposed as a supertall. That particular rendering is at leadt 5 years old btw. If you look on that website, you will see both versions (the office and residential) of the initial proposal, its not anything current.

Also, Extell gave us this rendering initially, which showed the full blockfront for the tower. They’ve obviously always had plans to utilize the full block front, but were prepared to move forward even if they could not.