The Real Deal New York

Extell’s Diamond District plans just got even more mysterious

Developer has filed paperwork to demolish 12 buildings
January 29, 2018 12:40PM

From left: 30 West 48th Street and 25 West 47th Street (credit: PropertyShark) inset: Gary Barnett

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.

Extell scooped up 10 West 47th in August 2015 for $74.4 million. The 72,000-square-foot office building is next door to the National Jewelry Exchange Building at 2 West 47th Street, which Extell bought in 2014 for $56.5 million.

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. [Curbed]Kathryn Brenzel