After a decade of persistence, Extell’s Gary Barnett has finally assembled his dream site: the entire Fifth Avenue blockfront between West 46th and 47th streets.
Barnett’s firm closed the deal Thursday night, acquiring the long-held lot at 576 Fifth Ave. from its Korean owners. The site, combined with Extell’s existing property at 574 Fifth Ave., will now be designated as 570 Fifth Ave.
The purchase came at a steep price—$175 million—significantly higher than the $101 million that Sae-A Trading Co. paid for it in 2021. But with Barnett’s vision taking shape, the prime Midtown site is poised for a major transformation, including plans to bring Ikea to Manhattan.
“We paid a stupid price but it gives us the whole block, which is amazing,” Barnett told the Post.
“It’s the largest footprint available in midtown and maybe anywhere.”
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. The project is expected to cost over $1 billion.
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.
Excavation is already well underway.
The tower’s 1 million-plus square feet of office floors will include several floors of 65,000 square feet at the base, and as little as 27,000 square feet at the top.
