NEW YORK | 574 5th Ave (Extell) | 567 FT | 32 FLOORS

[NYguy]

JULY 3, 2023

[NYguy]

https://www.pincusco.com/south-korea...-midtown-west/

South Korea’s IGIS is new lender for Extell supertall site in Midtown West


August 1, 2023

South Korea-based IGIS Asset Management through the entity IGIS USA LLC bought a note with an original principal of $185 million from JPMorgan Chase secured by Extell Development’s 13-parcel development site at 570 Fifth Avenue at the corner of 46th Street in Midtown West, Manhattan. Extell is expected to build a supertall skyscraper on the site.

The loan closed on July 10, 2023 and was recorded on July 31, 2023. The prior lender was JPMorgan Chase which held debt that had a most-recent loan amount of $185 million, which was down from a high of $340 million in 2019.

In June 2023, the Korean apparel manufacturing and investment firm Sae-A Trading Co. Ltd., through an LLC, filed to demolish 576 Fifth Avenue, a 57,352-square-foot office building at the corner of Fifth Avenue and 47th Street. It’s the only building on the west side of Fifth Avenue between 46th and 47th Street that developer Gary Barnett of Extell Development did not acquire in his 10-year assemblage of a potential supertall site.

https://www.pincusco.com/korean-firm...ll-assemblage/

Korean firm plans demo of 576 Fifth Ave. adjacent to large Extell assemblage





June 8, 2023

The Korean apparel manufacturing and investment firm Sae-A Trading Co. Ltd., through an LLC, filed to demolish 476 Fifth Avenue, a 57,352-square-foot office building at the corner of Fifth Avenue and 47th Street. It’s the only building on the west side of Fifth Avenue between 46th and 47th Street that developer Gary Barnett of Extell Development did not acquire in his 10-year assemblage of a potential supertall site.

The New York Post first identified the owner of the parcel as Sae-A Trading Co. Ltd. in an article published in February 2022. The firm bought the building in July 2021 for $101 million under the name SJD, LLC, and at the time the buyer’s true identity not disclosed.

In 2019, PincusCo reported that Barnett had bought out partners and obtained $440 million in debt for the assemblage.

The applicant, Jae Kim of Sae-A Trading America, declined to comment. Gary Barnett did not immediately respond to a request for comment.

[streetscaper]

Yet another nice building bites the dust on 5th Ave






And don't forget what we lost next door:





Absolutely deplorable

[NYguy]

Originally Posted by NYguy

https://www.pincusco.com/korean-firm...ll-assemblage/

Korean firm plans demo of 576 Fifth Ave. adjacent to large Extell assemblage





June 8, 2023

Of course, they wait until it's too late to try for landmarking....CB5 meeting


https://www.cb5.org/cb5m/calendar/2023-september/

Tuesday, August 29th, 2023, at 6:00pm

- 576 5th Avenue, Howard Building, a request for landmarking.

[HyperPower]

CB5 knew about the demolition of the entire block for years and the Korean company purchasing 576 Fifth Ave. on behalf of Extell for almost two. Smells like typical cronyism and pockets greased.



Remember folks, fourty + years ago developers wanted to take a wrecking ball to Grand Central Terminal... Jacqueline Kennedy Onassis saved it in 1978.

"Greed is NOT good!"
Gordon Gekko

[mrnyc]

Originally Posted by NYguy

Of course, they wait they get paid off to wait until it's too late to try for landmarking....CB5 meeting


https://www.cb5.org/cb5m/calendar/2023-september/

ugh

this better be a razzle dazzle monster of a tower.

[NYguy]

AUGUST 6, 2023

One more awaiting demo...

[NYguy]

The CB5 discussion begins at the 2:19 mark...



• Video Link

[NYguy]

Full demolition was approved on August 29, 2023 for 576 5th Avenue. Now we wait to see modified plans for 570.
















AUGUST 3, 2023


Standing ready to come down...

[NYguy]

Demo moving forward on the final piece...

[NYguy]

OCTOBER 29, 2023

[NYguy]

576 Fifth coming down quickly....still no word on assemblage...






JULY 4, 2024

[Busy Bee]

^ Just hearing about this. I don't know what im more excited about - the widened sidewalks or replacing those goofy pomo streetlights from the 90s sprinkled around midtown. I know those are just conceptual images but those light colored striped granite sidewalks look absolutely superb and exactly like what a street of Fifth Ave's caliber deserves. Awesome news.

[JMKeynes]

I agree. This is going to be absolutely amazing!!!

I appreciate how Mayor Adams takes the initiative with good ideas. Paris is doing the same thing with the planned improvements for the already gorgeous Champs Elysee.

This will dramatically improve Fifth Ave and give it back to people. This stretch of Fifth has beautiful buildings and amazing stores, but people presently are held captive on a small, ugly, dystopian sidewalk with five lanes of traffic roaring by. This plan will make Fifth Avenue stunning like the Passeig de Gracia in Barcelona, the Champs Elysee, Michigan Avenue, etc., but even better, as there will be less cars.

Mayor Adams has some great ideas!!!

[Gantz]

This needs to be done with a lot of streets in Manhattan. Beautify the pedestrian experience.

[JMKeynes]

Originally Posted by Gantz

This needs to be done with a lot of streets in Manhattan. Beautify the pedestrian experience.

I agree. I think that this is the tip of the iceberg.

[chris08876]

Credit: Michael Young via NYY

[Busy Bee]

100% agree.

[HyperPower]

It seems like Extell is trying to attain the entire block with only the corner of 47th remaining (Samourkas building). 574 Fifth Avenue & and building next to it weren't even initially in the development plans for demolition. Thats why there isnt any concrete plans for this site with detailed renderings. Greed at its finest.

Once these little historical gem buildings are razed to the ground there's no coming back from over gentrification and the stale street life that follows.

[HyperPower]

Once those old iron gated elevators are gone... they gone.