The developer of Central Park Tower planning a hotel with retail on Fifth Avenue.
Gary Barnett’s Extell Development has acquired 572 Fifth Avenue in the Diamond District from Braha Industries for $62.5 million, according to TRD. The retail and office property spans 11,975 SF, and allows for the development of an additional 25,525 SF.
Worth Noting: The developer closed on 32 West 48th Street along with several nearby buildings and transferable air rights earlier this month for a total of $85 million. Extell is planning a new hotel with retail stores. Properties include… 25-27 West 47th Street, and 30, 32, 36,38 West 48th Street. The new project will connect West 47th Street with West 48th Street (the diamond block).
Be Smart: This deal adds to Extell’s impressive assemblage in the area. Stay tuned for a further analysis on what to expect next.