Extell plans 32-story Fifth Ave tower

Gary Barnett’s Extell Development has filed plans for a 32-story Fifth Avenue office tower where the developer had once planned a supertall.

The firm is proposing a 875,720-square-foot building at 574 Fifth Avenue that will include offices and three floors of retail space, according to property filings. It was unclear whether the office tower is part of a larger development on the 13-parcel assemblage along Fifth Avenue between 46th and 47th streets.

A spokesperson for the developer did not respond to a request for comment.

The plans include almost 98,000 square feet of retail space, according to PincusCo, which first reported the filing.

Ingka Investments, part of the Ingka Group and the largest Ikea franchiser, is partnering with Extell at the tower. It will own 80,000 square feet of retail space and a one-third stake in the remainder of the building, in addition to preferred equity, according to Bloomberg.

The developer had previously planned a 1,100-foot, 78-story glass-encased supertall with more than 1 million square feet at the site, filing permits in 2021.

At that time, Barnett’s filings offered two visions for the project. The larger option was a 1.5 million-square-foot residential and hotel tower with 1,524 hotel rooms, 468 apartments and 76,000 square feet of retail at the base.

A second option would ditch tourists for workers, rising 860 feet tall and offering 1.4 million gross square feet of office space. The project would also include about 77,000 square feet of retail and a 20,000-square-foot event space.

Extell borrowed $340 million from South Korea-based firm IGIS Asset Management in July to refinance the development.