It was on January 13 when Gary Barnett's Extell - the developer responsible for the Nordstrom Tower, One57 and 250 South Street - filed for a series of permits with New York City's Department of Buildings to demolish six buildings in Manhattan's Midtown.
The doomed four- and five-story buildings found along West 46th Street (between Fifth and Sixth Avenues) include: (1) 3 West 46th Street, (2) 5 West 46th Street, (3) 7 West 46th Street, (4) 9 West 46th Street, (5) 11 West 46th Street, and (6) 13 West 46th Street (check out a photo of the six buildings here).
The Real Deal reported on January 11 that Barnett had already purchased of two other neighboring properties at 562 and 564 Fifth Avenue from Thor Equities and SL Green Realty. Extell also owns 2 and 10 West 47th Street, in the Diamond District.
Although many are speculating that Extell would be building a new hotel on the site, 6sqft suggests something more plausible:
"Back in 2014, sources said that Extell was planning for a new hotel tower at the site, but given the large amount of land the savvy developer has assembled (more than 30,000 square feet by our count) it will likely yield the largest tower built on Fifth Avenue in more than a generation."
There are currently only two condominium towers that are along the sought-after stretch of Fifth Avenue: Trump Tower and Olympic Tower.
As per CityRealty 100, an index of Manhattan's top 100 condominium buildings, average sales on the Trump Tower have seen an 18 percent increase - its six recorded sales have averaged $2,688 per square foot.
Meanwhile, Olympic Tower - found at 641 Fifth Avenue - has also seen a 15.9 percent increase in prices. Its 13 recorded sales have averages $2,327 per square foot.
If Extell's plans are any indication of New York's booming real estate, then it won't be so surprising to see more high-rise towers being constructed around Manhattan.
