NEW YORK | 405-417 Park Avenue | FT | FLOORS

[NYguy]

^ The East 54th St site is the one on the left, shown below. None of the buildings on that block are landmarked. You would need to add up the lots Extell now oens on the assemblage to get FAR totals, but I doubt Gary is done. You never know what he’s going to do until it’s done.

[NYguy]

The FAR on this site is 25 (you can get a bonus 3 with a transit or public concourse improvement), so with the Park Avenue sites and 110 E. 55th, Extell would have a footprint of about 26,000 sf. That would give about 650,000 zsf.

With 111 E. 54th added, the site grows to about 30,000 sf. That would give about 750,000 zsf. But I suspect Extell may push for at least 115 E. 54th. The site would grow a little to 33,500 sf. That would up the total zsf to about 838,000 sf.

The interesting thing is that most of the sites on the 55th St side are outside of the Midtown East rezoning. But the air rights can be transferred either way.

[ChiND]

So this would still be a relatively small office building. It would be nice to see an iconic hotel/condo here.

[NYguy]

Originally Posted by ChiND

So this would still be a relatively small office building. It would be nice to see an iconic hotel/condo here.

The market here, on prime Park Avenue, is for office. And the rents will be through the roof. Not all of the new buildings are going to be 2 msf giants. Extell is getting warmed up to the office market, with 570 Fifth all but done. They could still put condos at the top, a max 20% could be residential. Views would be nice, but his other towers are where the best views are, and I don't think they really want that many residential towers going at once.

[ChiND]

Originally Posted by NYguy

The market here, on prime Park Avenue, is for office. And the rents will be through the roof. Not all of the new buildings are going to be 2 msf giants. Extell is getting warmed up to the office market, with 570 Fifth all but done. They could still put condos at the top, a max 20% could be residential. Views would be nice, but his other towers are where the best views are, and I don't think they really want that many residential towers going at once.

I look forward to seeing what Extell builds. For that matter, I look forward to seeing what they build at 570 Fifth.

[ChiND]

NY Guy,

Speaking of possible residential developments in the Plaza District, do you recall that Extell bought air rights from St. Thomas’ Church, and there was speculation about where they might be used? I wonder if Extell has a role in 673-675 Fifth Ave and 1 E 53rd Street, which are across the street from STC.

673-675 Fifth Ave, which have been empty for a long time, and 1 E 53rd Street all have work permits plastered on their windows. This is a prime site for a condo. I believe that the same owners also own the building with the Microsoft store. Developers could cantilever over it.

Do you or anyone have any information?

[NYguy]

^ No.


https://therealdeal.com/magazine/september-2026/extell-after-gary/

Assemblages are a Barnett hallmark. He famously spent years stitching together his Billionaires Row sites, even outmaneuvering Steve Roth’s Vornado Realty Trust to shift the location of its 220 Central Park West out of the way of Extell’s Central Park Tower’s views of the park.

Extell is currently working on an assemblage on Park Avenue, where Barnett is likely planning to build the boulevard’s next big office tower.

[TonyNYC]

[QUOTE=ChiND;10639640]NY Guy,

Speaking of possible residential developments in the Plaza District, do you recall that Extell bought air rights from St. Thomas’ Church, and there was speculation about where they might be used? I wonder if Extell has a role in 673-675 Fifth Ave and 1 E 53rd Street, which are across the street from STC.

673-675 Fifth Ave, which have been empty for a long time, and 1 E 53rd Street all have work permits plastered on their windows. This is a prime site for a condo. I believe that the same owners also own the building with the Microsoft store. Developers could cantilever over it.

Do you or anyone have any information?


Yep you're right!

Extell purchased 123K BSF of air rights from St Thomas Church last Fall for $36 Million.

https://www.6sqft.com/extell-to-buy-36m-in-air-rights-from-midtowns-st-thomas-church/

[NYguy]

^ We know about the air rights. That’s been a point of discussion. Where those air rights are going is the question.

[NYguy]

Demo filed for latest piece (110 E. 55th)…

[ChiND]

Fabulous!