Extell Development is continuing its acquisitions in Manhattan. The firm, led by Gary Barnett, has acquired additional air rights in the Lenox Hill neighbourhood on the Upper East Side to increase the development potential of its planned tower at 655 Madison Avenue.
Public property records show that Extell paid a total of 34.9 million dollars to Hartz Mountain Industries. The transaction encompasses the transfer rights associated with the addresses 34 East 61st Street and 36 East 61st Street.
At the corner of Madison Avenue and East 60th Street, the developer is planning a 74-storey mixed-use tower. The design envisages 154 condominiums alongside around 233,000 square feet of office and retail space on the lower floors. The fashion house Chanel is considered a prospective tenant. Neither Extell nor Hartz Mountain commented when requested.
Phased assembly of the 60th Street development site
Barnett has been consolidating the project site on Madison Avenue for some time through acquisitions of adjacent properties. Extell took over the primary site from Williams Equities in 2024 for 160 million dollars. In March 2025, this was followed by the purchase of 33-39 East 60th Street for 103 million dollars. In February of this year, the company also acquired 135,146 square feet of air rights for 39.9 million dollars from the private Metropolitan Club at 1 East 60th Street.
Strong acquisition momentum on the Upper East Side and in Midtown
The latest agreement is part of a rapid succession of deals by the developer. Three transactions by Barnett for smaller assets became public in the space of just one week. A deed filing confirms the purchase of the site at 1645 First Avenue for 27.9 million dollars from Jay and Stuart Podolsky of the Amsterdam Hospitality Group. On the vacant site, Extell plans a 542-unit residential scheme, for which plans were already submitted in 2021.
On the same day, the acquisition of a four-storey commercial building at 1190 Avenue of the Americas in Midtown also came to light. Extell paid 18 million dollars to the previous owners, Lighthouse Properties and Solil Management. The commercial space is currently let to a souvenir shop.
