Gary Barnett's Extell Development is continuing to assemble its development site in Midtown Manhattan. The New York real estate company secured the four-storey commercial property at 1190 Avenue of the Americas for $18 million. The transaction between Extell and vendors Lighthouse Properties and Solil Management became public through recent land registry filings. The existing building currently accommodates a souvenir shop.
Full-block development on Fifth Avenue
Through this acquisition, Extell is expanding the site for its planned major scheme at 574 Fifth Avenue. A 29-storey office and retail building is set to rise on the plot, with Swedish furniture group Ikea already secured as anchor tenant. The future structure will occupy an entire block stretching between West 46th Street and West 47th Street from Fifth Avenue to Avenue of the Americas.
The latest acquisition follows a series of strategic purchases across the assemblage. In March 2025, Extell paid $175 million to South Korean apparel manufacturer Sae-A Trading Company for the property at 576 Fifth Avenue. At the end of October, Barnett was also close to concluding an agreement to acquire air rights. For $24 million, 87,000 square feet of rights are to be acquired from the listed Episcopal Church of St. Mary the Virgin at 145 West 46th Street.
Another major project on Eighth Avenue
In parallel with preparations on Fifth Avenue, Extell is pressing ahead with further schemes in Manhattan. At 740 Eighth Avenue, Barnett is delivering a 60-storey skyscraper under the project name The Torch in partnership with Hyatt Hotels. A hotel under Hyatt's new StandardX brand will serve as the anchor. For this development, Extell closed a $1.25 billion construction financing package led by J.P. Morgan in September.
Neither Extell Development nor Solil Management provided a comment regarding the acquisition on Avenue of the Americas. Lighthouse Properties could not be reached for comment.
