When Extell Development Corp. builds a long-awaited supertall office-and-retail tower at the corner of Fifth Avenue and 47th Street, one piece will be conspicuously missing from the 1,100 foot-tall…
When Extell Development Corp. builds a long-awaited supertall office-and-retail tower at the corner of Fifth Avenue and 47th Street, one piece will be conspicuously missing from the 1,100 foot-tall giant — the actual corner of Fifth Avenue and 47th Street.
Barnett recently filed plans with the Department of Buildings for options for two different towers at the site: One option, a supertall, would be mainly for offices and would have 1.5 million square feet of floor space. The other option, which would be smaller, would stand only 476 feet in the event Extell can’t land an anchor office tenant to build the jumbo.
A building on the corner of 47th Street and Fifth Avenue, seen in a 2019 file photo, is all that stands between Extell’s Gary Barnett getting a clear block for a planned supertall building. Many of the buildings surrounding it have been cleared to make way for the supertall, but it remains.The Korean company swooped in last fall and bought the 1907-vintage, 12-story location for $101 million — or $1,285 per square foot.
The global firm manufactures and sells apparel through several subsidiaries. It also owns Southern California golf courses. A mysterious Korean holding company is behind an LLC that bought the building on 47th Street and Fifth Avenue. The company, Sae-A Trading Co. Ltd., has operations around the world, including this one in Haiti.“Whatever they do, it’s going to be surrounded by Barnett’s project on three sides, with all the noise, demolition and debris that will bring,” one source said.
Extell’s Gary Barnett has assembled a block-long parcel over the past 10 years where he wants to build a supertall tower; only one thing stands in his way: a building at 576 Fifth Avenue that has been purchased by a Korean firm. Now, Barnett is submitting plans that build around the Fifth Avenue structure.However, that source said, “They already paid $101 million.
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