Gary Barnett Carries Momentum into 2026

For most of his career, Gary Barnett has preferred to let his buildings do the talking.

Extell has never been flashy about its dealmaking. Projects tend to simmer quietly, assemblages can stretch on for years and filings often appear only after the hard parts are settled. But over the past several months, Barnett has been unusually visible, moving multiple big bets forward at once.

The clearest example came at 655 Madison Avenue. Extell closed on a $1.13 billion construction financing package for the proposed 74-story residential tower, the largest construction loan in New York City this year. JP Morgan provided the senior mortgage, Tyko Capital delivered the mezz and the deal was done without brokers. It followed a July rezoning push that doubled the project’s height and turned what began as a more modest plan into a 1,162-foot tower with luxury residences, office and retail. A Chanel-controlled retail condo is also in play, reportedly priced in the mid-$400 millions.

The financing capped months of groundwork that included land buys along East 60th Street, air-rights transfers and subway improvement negotiations. Barnett used a similar playbook a few blocks west at the former Wellington Hotel site, where Extell is now pursuing a 71-story mixed-use tower after initially filing for a far smaller hotel.

While pushing towers higher in Midtown, Barnett has also been picking up leverage elsewhere. In November, Extell emerged as the mezzanine debt holder at Worldwide Plaza, positioning the firm to potentially take over the distressed Midtown West office building at a January UCC foreclosure auction. With the property appraised at roughly one-fifth of its 2017 value and CMBS bondholders facing steep losses, it was a familiar kind of opportunistic move.

At the same time, Extell’s long-running Upper West Side saga is turning a corner. Closings at 50 West 66th Street have accelerated, including a recent $46.75 million sale for a nearly 7,000-square-foot combination unit. The building is now more than 70 percent sold, a meaningful milestone for a project that spent years tied up in opposition and litigation.

Just across the street, Barnett is laying the groundwork for what could be his most controversial project yet, a 1,200-foot supertall at the former Disney campus. Over the past year, Extell has filed plans in stages, including smaller residential buildings with affordable housing and demolition permits, while Barnett has shown up to community board meetings to pitch trading height for peace. That effort is now backed by capital. In September, Extell disclosed a $1.2 billion preferred equity infusion from a hedge fund covering nine projects, including the Disney campus, the Wellington site and 655 Madison.

Elsewhere in Midtown, Extell’s Fifth Avenue assemblage is finally snapping into place. After paying what Barnett called a “stupid price” to secure the final parcel at 576 Fifth Avenue, the developer is nearing a roughly 700,000-square-foot lease with Simpson Thacher & Bartlett at 570 Fifth, one of the largest office deals of the year. Anchored by Ikea’s first Manhattan flagship, the project marks a shift from Extell’s earlier supertall vision to a more tenant-driven office play.

Even internationally, the tempo has picked up. In Jerusalem, Extell is closing in on a complex land deal that could unlock thousands of apartments and billions in future development following its $200 million acquisition of 128 acres earlier this year.

For Barnett and Extell, 2025 brought a steady drumbeat of financings, filings, closings and strategic positioning across asset classes. He’s still playing the long game, just with more pieces moving on the board at the same time than we’re used to seeing.

There was plenty of other real estate news this week. High-profile investors were entangled in self-dealing claims, Vlad Doronin joined in on a record deal in Miami and New York City has a new titleholder for largest office-to-residential financing of the year.

Three’s a crowd: Chetrit, Moinian, Minskoff entangled in self-dealing claims

A lender dispute over a Midtown office complex has turned into a public blame game among Meyer Chetrit, Joseph Moinian and Edward Minskoff, with accusations of self-dealing and missing tenant security deposits now before the court. The fight centers on 500 and 512 Seventh Avenue, where a court-appointed receiver says more than $700,000 in security deposits were never turned over after the lender alleged roughly $1 million was transferred into accounts tied to Chetrit and his affiliates.

Vlad Doronin joins Oak Row on record $520M deal for waterfront Brickell assemblage

Vlad Doronin’s OKO Group and Oak Row Equities closed a record-setting $520 million purchase of Aimco’s waterfront Brickell assemblage with plans for a luxury hotel and branded residential project. The deal includes an office tower and a 357-unit apartment building and pencils out to $122.4 million per acre, the most expensive development site sale ever in South Florida.

Nathan Berman, InterVest smash conversion financing record

Nathan Berman and InterVest Capital Partners landed $779 million in financing for their 1,568-unit redevelopment of 111 Wall Street. The package, provided by Apollo Global Management, JPMorgan Chase and Tyko Capital, resets the bar for office-to-residential conversions in New York.

Ashkenazy buys Beverly Hills Neiman Marcus in latest SoCal acquisition

Ben Ashkenazy is expanding his Southern California footprint with the acquisition of the two-block Neiman Marcus property at 9700 Wilshire Boulevard in Beverly Hills’ Golden Triangle. Ashkenazy Acquisition Corporation framed the deal alongside recent high-profile trades in the area, including the Mateen brothers’ $211 million Wilshire Rodeo Plaza purchase and Alo Yoga’s $90 million Wilshire buy.

Rialto sued over alleged self-dealing, “highly improper” servicing

An investor is accusing special servicer Rialto Capital Advisors of keeping a loan in default to pad its own fees at the expense of other bondholders. 400 Capital Management sued Rialto in New York, claiming the servicer is trying to unnecessarily hold a $130 million Herald Square loan in special servicing even though the property is fully leased and throwing off roughly $6 million a year in excess cash flow.

Paris hotelier buys Angler’s Miami Beach hotel for $44M

A French hotelier has made a high-priced return to Miami Beach, buying the Kimpton Angler’s Hotel for $43.5 million in one of the city’s most expensive hotel trades this year. Philippe Le Guennec’s firm, Hotels Investment and Management Team LLC, acquired the 132-key property at 600 Washington Avenue from KHP Capital Partners, pricing the deal at about $330,000 per room and roughly $430 per square foot, including furniture and equipment.

Adams releases Manhattan Plan, a housing toolkit for Mamdani and future mayors
With just over a week left in office, the Adams administration rolled out the Manhattan Plan, a housing playbook aimed at jump-starting construction in the city’s most supply-constrained borough. The plan outlines six core strategies, including upzoning mid-density districts, building near transit and job centers, unlocking government-owned sites, easing approvals and exploring new housing models.