The Real Deal New York

Extell considering indoor mall, condo tower on Fifth Avenue

Gary Barnett’s firm owns 10 properties in the area of West 46th Street

March 22, 2016 08:05AM


562-564 Fifth Avenue in Midtown and Gary Barnett

Gary Barnett has some big ideas for his new Midtown assemblage, it’s just not clear which of them he’ll follow through with.

The developer is considering a plan to build a T-shaped “internal” shopping center with an entrance on Fifth Avenue between West 46th and West 47th streets, with a condominium on top, among other ideas, the New York Post reported.

His company, Extell Development, owns 10 properties in the area on both sides of West 46th and West 47th streets.

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

Demolition at the site will begin next month, though Extell’s building plans are still up in the air. The company might also develop an office building with a smaller retail area at the base.

The assemblage includes 562-564 Fifth Avenue, which Extell acquired from Thor Equities and SL Green Realty in January. [NYP]Ariel Stulberg