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

[NYguy]

Originally Posted by Busy Bee

I think we all are. There's zero chance IMO they don't acquire it which means there's zero chance the rendering(s) we've been seeing are actually what's getting built.

Also, I cannot think of a bigger wasted opportunity than spending decades acquiring the needed properties and then pursuing that latest stump of a tower they claim is their intention. 567'?... GTFOH with that.

It'll be the same building, with a slightly expanded footprint for the Ikea store. It's pretty much a done deal. They're moving forward now, not going forward with a year's long approval process to build a larger tower. They also have a partner in this (IKEA), which is how they're able to move forward.

Ingka Investments, the real estate arm of Ingka Holding, the world’s largest IKEA franchisee, injected “approximately $400 million” into the overall project, said Extell’s founder and chairman, Gary Barnett. In exchange, Ingka scored a one-third stake in the building and ownership of its retail space.

Ingka’s investment let Extell move forward with its office building, more than a decade after it first started buying up parcels for the development site, Mr. Barnett said. And it let Ingka secure a coveted slice of Fifth Avenue while keeping its popular furniture affordable.

“We can safeguard long-term stability for IKEA, keep overhead costs more predictable and maintain our commitment to providing accessible products,” said Jenna Grader, a portfolio manager at Ingka Investments.

[Busy Bee]

Amazon offices with an IKEA in its base...

Are they petty enough to not go along with that? Based on their attitudes towards labor and their own employees, I would say yes.

[ChiND]

According to Rudin, Amazon seeks a big block of space on the east side.

https://www.cnbc.com/video/2024/12/1...ill-rudin.html

[Mulan]

^^^
Well, then Amazon would be a potential tenant for 175 Park Avenue.

[ssh]

Looks like excavation has begun. Is this in the 600'-700' range?

Edit: Just noticed the title. Is the height in the title confirmed?

[ChiND]

Apparently, Extell bought the building next door to the site.

https://commercialobserver.com/2025/...t-46th-street/

Extell Buys Midtown Office Building Facing Demolition for $25M
BY ISABELLE DURSO FEBRUARY 18, 2025 2:35 PM


PHOTOS: YVONNE ALBINOWSKI; PROPERTYSHARK

[NYguy]

Originally Posted by ChiND

Apparently, Extell bought the building next door to the site.

https://commercialobserver.com/2025/...t-46th-street/

Extell Buys Midtown Office Building Facing Demolition for $25M
BY ISABELLE DURSO FEBRUARY 18, 2025 2:35 PM

An entity tied to Extell Development has purchased a Midtown office building previously facing demolition for $24.8 million, according to city records made public Tuesday.

The entity 15 West 46, which has the same address as Extell, bought the 10-story building at 15 West 46th Street from the Bassalali and Hematian families — both prominent in New York City’s jewelry industry — which used the entity 15 West HF Group, records show.

Extell is the king of assemblages. I had assumed this was already part of the site, considering this filing from Extell...

[ChiND]

I wonder if between this and the corner building on 5th and 47th, the tower will be somewhat taller.

[NYguy]

This was bound to happen...


https://nypost.com/2025/03/21/busine...-to-manhattan/

Real estate titan finally snags holdout lot to build Fifth Ave. tower — and bring Ikea to Manhattan





By Steve Cuozzo
March 21, 2025

It took 10 years to put it all together, but Extell boss Gary Barnett at last locked up his dream site — the entire Fifth Avenue blockfront between West 46th and 47th streets.

The real estate titan bought the holdout lot at 576 Fifth Ave., next to his larger 574 Fifth Ave., from its Korean owners in a deal that closed Thursday night, The Post has learned. The combined sites will have the address of 570 Fifth Ave.

The purchase cost Extell $175 million, compared with the $101 million that the mysterious Sae-A Trading Co. paid for the location to the previous owner in 2021.

“We paid a stupid price but it gives us the whole block, which is amazing,” Barnett told the Post.

He’ll combine it with the land he owns next door at 574 Fifth and on the side streets to build a 33-story, 1.1 million square-foot tower for offices and a giant new Ikea superstore — the first to ever open in Manhattan.

Ikea’s parent, Ingka Investments, will own its 80,000 square-foot portion outright and is a partner with Extell in the whole project.

Barnett spent a decade buying up all the pieces he needed, except for one that got away — the precious West 47th Street corner.

Sae-A Trading came out of nowhere to buy the lot from a local partnership. The South Korean company demolished the 12-story diamond building after the purchase but never filed plans for a new building.

Although Barnett was ready to build his mega-tower without the corner, it would have had a conspicuous missing tooth at its north end.

Barnett said he’ll soon file plans with the Department of Buildings for the larger tower to include the corner.

The tower, designed by KPF architects, will be ready “for delivery to tenants in three years,” he said.

[ChiND]

I saw Cuozzo's article but was too disgusted to mention it. The design got worse. This lame KPF design and KPF's lame glass box at 343 Madison are disappointing. Is KPF declaring war on NYC with their mundane boxes?

Here's a great comment from the Post's article: "Building looks like a good fit for IKEA - simple, cheap and boring."

[NYguy]

Originally Posted by ChiND

I saw Cuozzo's article but was too disgusted to mention it. The design got worse. This lame KPF design and KPF's lame glass box at 343 Madison are disappointing. Is KPF declaring war on NYC with their mundane boxes?

Here's a great comment from the Post's article: "Building looks like a good fit for IKEA - simple, cheap and boring."

The people who comment on that website are brain dead morons. You shouldn’t want to put yourself in league with that.

Nothing about the design of this building is terrible.

[HyperPower]

We need to accept the fact that buildings between 200 - 300 meters in New York are pretty much just boxy filler at this point.

[Busy Bee]

#InstantBonerKiller

[Hudson11]

Nothing about it is great either. It's infill for Manhattan. Not at all a worthy sequel to the Gem Tower.

[streetscaper]

I'll post here what I posted on another forum

Sorry to be a debbiedowner, but the true urbanist in me much prefers what was here before. I could probably sit on a bench across 5th ave and admire this scene below for hours and not get bored. So much detail, so much urban conversation happening. This new project will result in an overall poorer pedestrian experience imo.












The whole retail frontage needed a little TLC (and maybe a little bit more upscale retailers), and that would’ve catapulted this strip to S-tier… but the finely-grained pedestrian experience just has such a powerful allure that even as is/was, I’d prefer walking by it then this one-note full frontage of same-same-same, glass-glass-glass,…





To be clear, I still think this is a fairly decent design, but on maybe half the lot would have been miles better imo!

[NYguy]

Originally Posted by Hudson11

Nothing about it is great either. It's infill for Manhattan. Not at all a worthy sequel to the Gem Tower.

It may not be great to you, and that's ok. But the complaints about this tower as if it is a horrible design are just ridiculous. This is a nicely designed tower, and will be a great addition to Fifth Avenue.

By the way, this is a tower that has more in touch with Fifth Avenue architecture than the Gem Tower, which thankfully isn't located on Fifth.








https://www.flickr.com/photos/chrisk...62605/sizes/l/



https://www.flickr.com/photos/jag988...61487/sizes/l/




https://www.betsysphotos.com/gardens...e-architecture

[ChiND]

This tower needs at least another setback and some extra cutouts to give it some flair. I preferred the earlier version. The overwhelming consensus is that the current iteration is a dud per se that’s more mundane than Pathmark-brand vanilla ice cream.

[rgarri4]

Before and after

[SkyHigher]

[Busy Bee]

Sad