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-   -   NEW YORK | 570 5th Ave (Extell) | 858 - 1,060 FT | 47 - 78 FLOORS (https://skyscraperpage.com/forum/showthread.php?t=218529)

JR Ewing Aug 19, 2015 4:19 PM
NEW YORK | 570 5th Ave (Extell) | 858 - 1,060 FT | 47 - 78 FLOORS
 
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 Aug 19, 2015 5:29 PM
Nice!

Quote:
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
Quote:
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 Aug 19, 2015 6:33 PM
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 Aug 19, 2015 7:26 PM
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.

http://i.imgur.com/N0y0HHz.jpg

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

http://i.imgur.com/5Cfo3xa.jpg

JR Ewing Aug 19, 2015 9:35 PM
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 Aug 20, 2015 1:40 AM
^I figured he owned a bunch of the llc owned buildings. How about 20W47th?

http://i.imgur.com/ovjcJHz.jpg

JR Ewing Aug 20, 2015 2:17 AM
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.

https://farm9.staticflickr.com/8639/...762851c3_b.jpg

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

https://farm8.staticflickr.com/7498/...7a1eedf8_b.jpg


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

Busy Bee Aug 20, 2015 2:47 AM
Quote:
Originally Posted by JR Ewing (Post 7135812)
Call me crazy but I like this block, weird Tudor building and all.

JR Ewing Aug 20, 2015 2:56 AM
Quote:
Originally Posted by Busy Bee (Post 7135847)
Call me crazy but I like this block, weird Tudor building and all.
The beautiful building on the corner of 47th will remain.

streetscaper Aug 20, 2015 2:58 AM
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 Aug 20, 2015 3:03 AM
Quote:
Originally Posted by streetscaper (Post 7135860)
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 Aug 20, 2015 3:09 AM
Great stuff! I can't wait to see what Extell plans.

JR Ewing Aug 22, 2015 5:50 PM
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.

https://farm1.staticflickr.com/648/2...b4ab6c69_b.jpg
https://m.flickr.com/photos/36822401@N03/20532812010/

Eidolon Aug 29, 2015 7:56 PM
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 Aug 29, 2015 9:51 PM
Quote:
Originally Posted by Eidolon (Post 7146939)
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 Jan 7, 2016 9:24 PM
Credit: robertwalpole
https://standard-discourseorg.netdna...060eb395dc.jpg

Crawford Jan 7, 2016 9:40 PM
I'm happy to see those ugly buildings demolished. Hopefully we'll soon get details on the upcoming tower.

CityGuy87 Jan 7, 2016 11:49 PM
Quote:
Originally Posted by Crawford (Post 7291548)
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 Jan 11, 2016 2:02 PM
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
Quote:
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 Jan 15, 2016 9:57 PM
Extell Files Permits to Demolish Six Midtown Buildings for a New Mega Development
 
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/

Quote:
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.
http://www.6sqft.com/wp-content/uplo...7th-Street.jpg

http://www.6sqft.com/wp-content/uplo...fth-Avenue.jpg

http://www.6sqft.com/wp-content/uplo...h-1024x628.jpg

More info and images in the post here.

chris08876 Jan 16, 2016 2:48 AM
Another super tall. :cheers:

Just towers over the GE Building in the mass model.

patriotizzy Jan 19, 2016 8:02 PM
JR Ewing said the corner building will also be torn down, but to me it looks like it's being renovated along with the construction of the new building?

chris08876 Mar 8, 2016 10:10 PM
The diamond district is a playground for foreign investors and this developer

Quote:
One of the city's most prolific developers has been collecting parcels in Manhattan's diamond district, perhaps signaling a major new development there.

In December 2015, Gary Barnett's Extell Development, the builder behind the ultraluxury One57 condo tower and One Riverside Park, bought control of 562 and 564 Fifth Ave., between West 46th and 47th streets. In January, Extell filed for demolition permits for six slender buildings next door to Nos. 562 and 564.

The firm owns enough addresses on the east end of the block—including two buildings other than the six slated for demolition and the two recently purchased—that it could build one of the biggest new towers along Fifth Avenue in years. The 10 buildings amount to more than 260,000 existing square feet, with several thousand more in developable air rights.

They are also on a block that has long been the hub of the North American jewelry trade. There are more than 2,600 jewelry-related businesses in the diamond district, according to the area's business improvement district. Most are small, independent vendors. Together, they ensure steady foot traffic to the block and its environs.

The eight buildings clustered contiguously at the corner of West 46th and Fifth run to more than 110,000 square feet combined. The other two buildings are the 78,230-square-foot 2 W. 47th St. and the 71,738-square-foot 10 W. 47th St.

Extell has already built big on the block. It completed its International Gem Tower at 50 W. 47th St. in 2012. It is not yet clear what the purpose of a new Extell project along Fifth Avenue would be—the firm did not respond to requests for comment—but its shopping spree along the block has created one of New York real estate's biggest guessing games.
===============================
http://www.crainsnewyork.com/article...alert-20160308

sparkling Mar 22, 2016 12:34 PM
Fifth Ave.’s makeover could bring new indoor shopping mall

Steve Cuozzo
March 21, 2016
Quote:
As Fifth Avenue below Saks gradually sheds its schlocky retail image, Extell chief Gary Barnett has his eye on a project that would accelerate the avenue’s ongoing upmarket trend.

Among other options he’s considering, Barnett might build an “internal” shopping mall that would front on Fifth Avenue’s west side between West 46th and West 47th streets, and have an apartment tower or hotel on top.

“We think the market is there for a home to merchants at rents that merchants can afford,” Barnett said.

The retail complex — which might also accommodate a single department store — would basically be T-shaped. Its main or only entrance would be on Fifth Avenue, with most of the shopping area arrayed from north to south between 46th and 47th streets.

Extell owns or controls 10 different buildings on the north and south sides of West 46th and 47th streets as well as on part of the west Fifth Avenue blockfront between them. The assemblage now includes 562-564 Fifth Ave. at the crucial northwest corner of Fifth and West 46th and extends nearly 250 feet west along the side street.

Barnett emphasized that no decisions have been made even though demolition of old buildings will start next month. “You can ask me anything you want [about] what we’ll do because I don’t know myself,” he laughed.

But the Fifth Avenue mall notion is the first time he’s spoken publicly about Extell’s possible intentions. Barnett said other possibilities include an office building with a smaller volume of retail at the base.

You can only marvel at a company confident enough to still be weighing options after it’s spent hundreds of millions of dollars over the past few years buying buildings, leaseholds and air rights from landlords including SL Green and Thor Equities.

Right now, many of the properties are an eyesore — vacant at street level and buried under sidewalk bridges and black netting.

But Extell isn’t one of those “developers” that ravage a block and leave it a mess until a white knight comes along — as its long-in-coming but ultimately successful projects such as One57 and the International Gem Tower on West 47th Street prove.

NYguy Mar 22, 2016 2:30 PM
I was just looking at the site yesterday. More shopping makes sense, considering its 5th Ave and the volume of pedestrian traffic is always high. Barnett seems to be considering a Trump-tower-like development.

Submariner Mar 22, 2016 4:52 PM
Is there an overlay of what buildings he owns or controls?

Crawford Mar 22, 2016 5:56 PM
Quote:
Originally Posted by Submariner (Post 7379650)
Is there an overlay of what buildings he owns or controls?
The development site is almost everything between 46th and 47th, on the west side of Fifth.

chris08876 May 3, 2016 10:50 PM
Extell Files to Demolish Two More Fifth Avenue Buildings For Its Mega-Midtown Assemblage

http://imgs.6sqft.com/wp-content/upl...h-1024x628.jpg

Quote:
Back in January, 6sqft reported that the busybodies at Extell Development filed permits to demolish a string of six tumble-turned walk-up buildings between 3 and 13 West 46th Street in Midtown. Now, as expected, the Gary Barnett-led firm has filed permits to demolish the Warren & Wetmore-designed corner building at 562 Fifth Avenue and a somewhat incongruous Tudor-style building at 564 Fifth Avenue.

While none of the condemned buildings are extraordinary in design, 562 Fifth Avenue is perhaps a more tasteful affair than most of the schlock going up these days. Designed by the same architects as Grand Central Terminal, the slivery 13-story commercial building was once known as the I. Miller Building and features intricately ornamented spandrel areas, a pedimented roofline, and an unoriginal albeit charming Fifth Avenue storefront.

Just last week, Untapped Cities published a thorough history of the building site going back to when it was the four-story mansion of Caroline S. Harper. They report that in 1909, florist Charles Thorley moved his blossoming flower business to the location and made extensive renovations that included “adding French architecture, painting the building white with green trim, and placing green vines and shrubs all along the Fifth Avenue side.” The American Florist reported in 1916, “the whole effect was stunning and bound to arrest the attention of the thousands that pass by every hour.” Let’s hope whatever Extell produces will result in half the interest.

The other building now officially on the chopping block is the Tudor-style building at 564-568 Fifth Avenue that was once the home of Edmund L. Goodman’s menswear store known as Finchley’s Castle. Blogger Daytonian in New York wrote that in 1924, Goodman zeroed in on the Fifth Avenue prime address and commissioned architect Beverly King to re-imagine the building with an English-like atmosphere to match “the tweeds and ties and King produced.” While the building’s ground level was butchered in the 1970s, its upper levels remained intact, “echoing Elizabethan England.”

These two latest filings bring the official count of of doomed pre-wars to ten buildings. In March, Extell submitted an application to raze a portly 13-story building at 2 West 47th Street that the Time’s Christopher Gray reported was at one point a kind of architectural center. In addition, demolition applications were recently reprocessed for 570 and 574 Fifth Avenue, garnering the developer almost 125 feet of coveted Fifth Avenue frontage and bringing the footprint to nearly 30,000 square feet.

[...]
======================
http://www.6sqft.com/extell-files-to...wn-assemblage/

hunser May 4, 2016 1:27 PM
That is great news! Something big will go up here ... :cheers:

Submariner May 4, 2016 2:03 PM
Does anyone have an overlay of the building a to be razed?

Busy Bee May 4, 2016 2:18 PM
Well it looks like 562 is biting the dust afterall. Kind of a shame. It would have been more interesting to weave the base of a new tower around it.

chris08876 Jul 19, 2016 9:53 PM
Extell Plans to Demolish 10 Diamond District Buildings, Records Show

Quote:
DIAMOND DISTRICT — Extell Development has obtained demolition permits for 10 adjacent buildings in the neighborhood for an as-yet unannounced project, possibly forcing hundreds of jewelers and other businesses to relocate, according to records and sources.

The buildings are on West 46th and West 47th streets, near Fifth Avenue. The city last week gave the go-ahead to demolish 10 W. 47th St., a 14-story building, formerly home to numerous jewelers, gem cutters, and diamond exchanges, that Extell bought last August for $74 million, records show.

It has also caused rents to rise for neighborhood businesses that remain.

“It has been a major dislocation for the people in those buildings, and because of that the rents have gone up,” said a source familiar with the neighborhood's real estate market. “It’s the same amount of jewelers competing for less space, so of course it’s just supply and demand. Everyone is saying they need space but can’t find it.”


Department of Buildings records show 10 W. 47th St. joins the following buildings on the chopping block:

► 2 W. 47th St., which had its demolition permit approved in March.

► 562 and 564 Fifth Ave. between West 46th and West 47th, two buildings approved for demolition in May.

► 3-13 W 46th St., all of which were approved for demolition in January.

Rumors have swirled about the project since Extell bought 10 W. 47th St. last year, with suspected projects including a hotel or a shopping mall. But there has been no word from Extell or its CEO Gary Barnett, himself a former diamond trader. The building appears to be currently empty.

Representatives for Extell did not respond to requests for comment.

“It’s definitely going to change the face of 47th Street, but what it will be I don’t think anyone has any idea yet, ” the source said. “It’s a family-driven industry and your heart goes out to people who may have been in the same spot for 30 or 40 years who have to leave.”

Extell has spent hundreds of millions of dollars buying up the properties it now plans to demolish, according to property records.

Whatever Extell builds on the block, it won’t be Barnett’s first foray into the Diamond District.
==========================
https://www.dnainfo.com/new-york/201...s-records-show

NYguy Jul 20, 2016 1:51 PM
http://nypost.com/2016/07/20/this-de...mond-district/


https://thenypost.files.wordpress.co...=all&strip=all

yankeesfan1000 Jul 27, 2016 8:59 PM
Unless I mixed this up with another site, demo is in full swing.

yankeesfan1000 Oct 6, 2016 5:15 PM
Demo moving along :

http://i.imgur.com/q9FJbaQl.jpg

Submariner Oct 6, 2016 5:41 PM
It's a shame he couldn't get more 5th ave frontage. Still, this ought to clear out a lot of rubbish for something hopefully a bit brighter.

ILNY Dec 15, 2016 5:43 AM
https://c5.staticflickr.com/1/433/31...8ae48e5c_o.jpg


https://c1.staticflickr.com/1/566/30...73783485_o.jpg


https://c1.staticflickr.com/1/429/31...cd45bec1_o.jpg


https://c1.staticflickr.com/1/512/31...4df5bdf2_o.jpg


https://c1.staticflickr.com/6/5581/3...e23b96a3_o.jpg

https://c3.staticflickr.com/1/543/31...9f08cc14_o.jpg

chris08876 Jan 7, 2017 4:46 PM
https://cdn-standard.discourse.org/u...9403332a8b.jpg
Credit: 5bfilms

Submariner Jan 7, 2017 7:17 PM
I thought that other building were part of the demo?

ILNY Mar 16, 2017 3:44 AM
https://c1.staticflickr.com/3/2889/3...df01a0e4_o.jpg

NYguy Mar 16, 2017 5:01 PM
Lots of potential here.

Dac150 Mar 16, 2017 11:20 PM
I've been wondering what all that demo was for … forgot about this proposal. There are a couple other demos occurring on nearby cross-streets (heading towards Madison near Tower 49).

ILNY May 15, 2017 4:06 AM
https://c1.staticflickr.com/5/4189/3...6857d619_o.jpg


https://c1.staticflickr.com/5/4186/3...335cdbe1_o.jpg


https://c1.staticflickr.com/5/4191/3...7d9930ce_o.jpg

NYguy Jan 29, 2018 6:26 PM
https://therealdeal.com/2018/01/29/e...re-mysterious/

Extell’s Diamond District plans just got even more mysterious
Developer has filed paperwork to demolish 12 buildings

January 29, 2018

Quote:
Extell Development has filed plans to demolish two more buildings on 47th and 48th Streets, further fueling speculation about the company’s mysterious Diamond District development.

Last week the developer filed demolition plans for 25 West 47th Street and 30 West 48th Street — a two-story building and four-story building, respectively, Curbed reported. The two buildings are next to 10 buildings that Extell sought to demolish in 2016. The city greenlit plans to demolish several buildings on West 46th Street, along with 2 West 47th and 3-13 West 46th Street, and 562 and 564 Fifth Avenue.

Extell’s plans for the assemblage, which Gary Barnett has spent several years accumulating, are unclear. Some have speculated that the developer plans to build a massive hotel or mall.

Barnett took over the ground leases at 562 and 564 Fifth Avenue in 2015 from Joseph Sitt’s Thor Equities and SL Green Realty. Extell shelled out another $11.7 million for air rights above 562 Fifth Avenue.

JMKeynes Jan 29, 2018 7:08 PM
This appears to be a different site than the Fifth Ave site.

yankeesfan1000 Jan 29, 2018 7:48 PM
^ Yea, those lots are around the corner. Checked the DOB website, and those are indeed the correct addresses so these demo permits pertain to a completely different project.

Side note, this lot has about 600k worth of air rights iirc. Even with a huge retail component, this should be very tall.

NYguy Jan 29, 2018 8:33 PM
It's all part of his Diamond District development, whatever that is, and won't be a single tower development.

JMKeynes Jan 29, 2018 9:33 PM
Quote:
Originally Posted by yankeesfan1000 (Post 8065415)
^ Yea, those lots are around the corner. Checked the DOB website, and those are indeed the correct addresses so these demo permits pertain to a completely different project.

Side note, this lot has about 600k worth of air rights iirc. Even with a huge retail component, this should be very tall.
When you state that it has 600k SF, I assume that you mean the Fifth Ave assemblage since the two buildings referred to in this article are tiny.

Crawford Jan 29, 2018 9:37 PM
It isn't even on the same block. The Curbed article references a mid-block assemblage one block north, facing Rockefeller Center.

So Extell has two major assemblages going in this stretch of Midtown.

NYguy Jan 30, 2018 1:00 AM
Quote:
Originally Posted by Crawford (Post 8065607)
It isn't even on the same block.

Not sure what you're talking about, but we're talking about 47th Street, both sides, obviously more than one tower.


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