Extell Development head Gary Barnett has added to his portfolio in the Diamond District by taking control of a pair of properties on Fifth Avenue.
The properties are at 562 and 564 Fifth Ave, not far from Barnett’s 34-story International Gem Tower. Barnett negotiated with Joseph Sitt’s Thor Equities and SL Green Realty to take control of the properties, The Real Deal reports.
Thor acquired its stake in the properties in separate transactions totaling $109.5M and has now flipped the contracts over to Barnett, who also had to negotiate with SL Green for control of the corner property, No. 562. Barnett has been acquiring properties and cutting deals in the vicinity of 562 and 564 Fifth for the past few years and is thought to be planning a new tower.
This is the latest deal announced for Extell, which closed out 2015 by acquiring a 39% stake in 1710 Broadway for $247M, with plans to demolish and redevelop it into a 60-story hotel-condo. [TRD]
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