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What’s Extell Up To On Fifth Avenue In The Diamond District?


Extell Development’s count of properties on 46th and 47th streets between Fifth and Sixth avenues is currently at 10. This past December, the prolific developer picked up 562 and 564 Fifth Ave for a reported $110M from Thor Equities and SL Green.

And demolition permits were filed for six adjoining buildings it owns in January, according to Crain’s. Eight of the properties Extell owns are contiguous, and a new building there would have direct Fifth Avenue frontage.

What might Gary Barnett be up to over there?  

“A site like that would be perfect for a fabulous world-class hotel, perfectly suited to diamond district visitors, with top-notch retail,” Eastern Consolidated principal Adelaide Polsinelli, who knows the area well, tells Bisnow. “It could also help extend the high-end retail that you find a few blocks north, into a new area where there’s a little bit of a gap right now.”

The developer, a veteran of the diamond industry, also built the International Gem Tower on West 47th Street, which opened in 2012.

Among the 10 properties Extell now owns in the immediate area, there are more than 260k SF of available air rights, with even more in developable air rights. [Crain's]