Extell’s Diamond District plans just got even more mysterious

Developer has filed paperwork to demolish 12 buildings

TRD New York /
Jan.January 29, 2018 12:40 PM

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

Related Articles

One Manhattan Square Extell Development CEO Gary Barnett (Credit: Curbed NY)

Extell lands $690M refinancing package for One Manhattan Square

Extell Development chairman Gary Barnett and One Manhattan Square (Credit: Anuja Shakya, StreetEasy)

Rent now, buy later at Extell’s One Manhattan Square

José Cuervo owner Juan Beckmann Vidal and 1010 Park Avenue (Credit: Getty Images, StreetEasy)

Mexican billionaire buys Park Ave pad for $25M amid shopping spree

From left: 241 East 73rd Street, 1514-1528 First Avenue, and Extell Development's Gary Barnett (Credit: Google Maps)

Here’s what the $10M–$20M NYC investment sales market looked like last week

Neighbors sue to block Extell’s UWS tower after city OKs amended plans

WATCH: Gary Barnett on the residential market, Brooklyn and discounts at
One Manhattan Square

Outfoxed a decade ago by Gary Barnett, Marty Burger pays $10M for Carlton House pad

Gary Barnett’s Extell gets $268M to refinance two dev sites