Gary Barnett’s Extell secured the final piece of its Fifth Avenue development by purchasing 576 Fifth Avenue for 175 m from Korea-based Sae-A Trading Co., which had bought it for 101 m in 2021. The acquisition completes Barnett’s decade-long effort to assemble the block between West 46th and 47th Streets. The site will feature a 33-story office tower, including Manhattan’s first Ikea superstore, in partnership with Ingka Investments. Extell previously planned a 1,100-foot skyscraper but shifted to an office project. The firm refinanced with a 340 m loan from South Korea’s IGIS Asset Management last year.
576 Fifth Avenue
