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

[JR Ewing]

This could be huge. GB has acquired another parcel

http://therealdeal.com/blog/2015/08/...m-office-deal/

Extell was going to do a joint project with SLG on 5th between 46th and 47th, but SLG backed out, presumably to focus on other projects.

http://nypost.com/2014/02/04/action-...n-46th-street/

[Hypothalamus]

Nice!

Together, 2 West 47th Street and 10 West 47th Street have a combined 206,500 buildable square feet. While declining to divulge the purchase price, Margolin confirmed the deal — noting that in addition to 2 West 47th Street, Extell also owns several other adjacent properties surrounding 10 West 47th Street. “From what I gather, [Extell is] putting together an assemblage,” Margolin said. “He has the buildings next door, the buildings behind me.” “He’s not consulting with me, but I think it’s safe to say from experience that whatever [Barnett] does, it’s probably going to be a mixed-use project,” Margolin added. - See more at: http://therealdeal.com/blog/2015/08/....SxpwVZ5g.dpuf

Extell, the developer of the skyscrapers at One57 and the upgoing Nordstrom Tower, needs air rights for yet another project. It already owned 570 Fifth, and has now sold everything under 180 feet to SLG for $34,871,556. Similarly, at No. 576 Fifth, Extell sold everything under 180 feet to SLG for $43,811,424.
On the south corner of the same blockfront at 46th Street, the L-shaped building at 562 Fifth was sold to the two companies by an entity of the late Elmer Ellsworth Smathers of Florida. The land was sold to SLG for $67,539,000 while the air above 180 feet was sold to Extell for $11,661,000.
Barnett has long been assembling air and land on this block for his now-open International Gem Tower.
Barnett intends to take this new air, also known as transferable development rights and move it to an adjacent site he owns on West 46th Street a few steps west of Fifth Ave.
This will enable Barnett to develop a tower that will at various heights also cantilever over a portion of the upcoming shorter SLG retail building. At 140 feet in the air, documents show the new tower will hover 50 feet across the SLG portion.

So are the 5th Avenue properties being sold back to Extell?

[JR Ewing]

That figure does not include Extell's five or six properties on W 46th that are part of this site or the Fifth Avenue properties that are part of this site.

[scalziand]

Extell does control quite a bit of the block, in red. Of course, a bunch of the properties are left over from the diamond tower.



There's also a lot of address based llcs in yellow which he may or may not control.

[JR Ewing]

Extell also owns 3, 5, 7, 9, 11, and 13 W 46th St., which are contiguous to his 47th St parcels. All but one of the 46th St properties are empty.

The missing piece on the 5th Ave side is 564 5th.

[scalziand]

^I figured he owned a bunch of the llc owned buildings. How about 20W47th?

[JR Ewing]

Extell owns all of the junk shown in this photo. All if this garbage on 46th abuts Extell's two bigger parcels on 47th. Ipanema restaurant recently moved.

Although Extell owns the corner building on 5th, the bank has a triple-net lease through around 2,025 , but they will be bought out.



The bank owns the Tudor POS, but Extell will acquire it.




This, like 520 5th, can easily approach or exceed 300m. Further, these projects will accelerate the revival of 5th in the 40s.

[Busy Bee]

Originally Posted by JR Ewing

Call me crazy but I like this block, weird Tudor building and all.

[JR Ewing]

Originally Posted by Busy Bee

Call me crazy but I like this block, weird Tudor building and all.

The beautiful building on the corner of 47th will remain.

[streetscaper]

I too would much rather renovation here, than tear down, honestly!

All this fine-grained urbanism will not be replicated in whatever Extell builds

[JR Ewing]

Originally Posted by streetscaper

I too would much rather renovation here, than tear down, honestly!

All this fine-grained urbanism will not be replicated in whatever Extell builds

Unfortunately, that won't happen. I welcome a 300m+ tower

[Hypothalamus]

Great stuff! I can't wait to see what Extell plans.

[JR Ewing]

A 300m+ tower here and at 520 5th will really precipitate the redevelopment of Fifth Ave between 44th and 48th, which is the worst part of the Avenue.

Everything visible in this site, including the garbage on W 46th, will come down.

[Eidolon]

This depressing mess of junky buildings should have been included in the midtown rezoning, but I'm glad to see that it's on it's way out. Any guesses as to when teardown begins, or if the new tower will be office, residential, hotel or mixed use?

[JR Ewing]

Originally Posted by Eidolon

This depressing mess of junky buildings should have been included in the midtown rezoning, but I'm glad to see that it's on it's way out. Any guesses as to when teardown begins, or if the new tower will be office, residential, hotel or mixed use?

I thought that at first, but to be honest, I think it's ok that they didn't. There are only a few blocks with junk on 5th, and I think they'll all be replaced with condos. Any site with 350-400k SF of air rights can support a very tall tower. Not to mention, it seems that St. Pats will be able to sell its massive air rights

I think that the new tower will be condos and have retail and maybe a hotel too.

I believe that Gary is trying to acquire the building at the corner of 46th and the Tudor-style POS just north of it.

[chris08876]

Credit: robertwalpole

[Crawford]

I'm happy to see those ugly buildings demolished. Hopefully we'll soon get details on the upcoming tower.

[CityGuy87]

Originally Posted by Crawford

I'm happy to see those ugly buildings demolished. Hopefully we'll soon get details on the upcoming tower.

This is an Extell development, don't expect official renders or details until it's at least halfway into construction.

[sparkling]

Gary Barnett adds to Diamond District assemblage
Sitt's Thor Equities flipped contracts to Extell at 562, 564 Fifth: sources

January 11, 2016
Rich Bockmann

Gary Barnett struck a pair of deals that will allow him to move forward with plans to develop another building near his International Gem Tower in the Diamond District.

The Extell Development chief negotiated with Joseph Sitt’s Thor Equities and SL Green Realty to take control of a pair of properties at the northwest corner of Fifth Avenue and 46th Street nearby where Barnett has spent the past few years assembling properties and cutting deals to pave way for a new tower.

Extell, Thor and SL Green declined to comment.

Thor went in contract back in August 2013 with the Israeli-based Bank Leumi to buy the remaining 12 years on the ground lease at 562 Fifth Avenue and to purchase outright the property next door at 564 Fifth Avenue. Public records show that Bank Leumi finalized the sale of the latter property in December. At the same time, it executed the sale of the ground lease for 562 Fifth on the corner. Together, the two deals totaled $109.5 million, records show.

Sitt went ahead and flipped the contracts to Barnett, sources said, who negotiated with SL Green for long-term control of the corner property, No. 562, which has a complex ownership structure.

SL Green owns the fee interest, and paid $67.5 million in 2013 to buy the 42,000-square-foot office and retail building on the site. But Extell, known to be one of the savviest assemblers in the business, paid $11.7 million for the air rights above the property.

Public records show SL Green modified the ground lease to extend the term through 2064, at which point Extell has the option to purchase the land outright for $100 million.

Barnett owns a number of properties further west on 46th Street and struck a deal with SL Green to construct a building that cantilevers over the property.

The site sits on the 46th Street side of the block between Fifth and Sixth Avenues opposite Jewelry Way, where in Extell developed its 34-story, 750,000 square-foot International Gem Tower at 50 West 47th Street. Extell sold the upper floors, about 319,000 square feet of office space, at the building to SL Green in September 2014.

In August, Barnett picked up an office building on 47th Street that, combined with a previously purchased property, gave him over 205,000 square feet of development rights.

- See more at: http://therealdeal.com/2016/01/11/ga....aUyaDhcO.dpuf

[PeterQM]

Extell Files Permits to Demolish Six Midtown Buildings for a New Mega Development
By Ondel Hylton
January 14, 2016
http://www.6sqft.com/extell-files-permits-to-demolish-six-midtown-buildings-for-a-new-mega-development/

Yesterday, Gary Barnett’s Extell (the developer behind the Nordstrom Tower, One57, and the controversial 250 South Street, to name just a few) filed a string of demolition permits with the city’s Department of Buildings to raze six buildings along West 46th Street between Fifth and Sixth Avenues. The doomed four- and five-story structures are at 3 West 46th Street, 5 West 46th Street, 7 West 46th Street, 9 West 46th Street, 11 West 46th Street and 13 West 46th Street. And on Monday, The Real Deal reported that Barnett has secured ownership of two neighboring properties at 562 and 564 Fifth Avenue from Thor Equities and SL Green Realty. The prolific developer also owns 2 and 10 West 47th Street on the northern side of the block in the heart of the Diamond District.

More info and images in the post here.