G
ary Barnett is back to his old tricks on Billionaires' Row. The Manhattan development mastermind has set himself up to gain control of a prime site at 24 West 57th Street, right next to a massive assemblage owned by rival Stefan Soloviev. Sources close to the deal say Extell Development recently acquired the $50 million defaulted loan on APF Properties' block-through plot of land, giving Barnett a path to foreclose and take control.

    The property itself is substantial, with over 140,000 buildable square feet. But its proximity to Soloviev's four-building assemblage at 6-20 West 57th Street makes it even more valuable. That site has been assembled since the 1980s for a staggering $300 million. Barnett's plans are unclear, but his history of covert dealmaking suggests he may be plotting something big.

    Soloviev claims he has no interest in buying 24 West 57th Street, saying he already has enough space to work with. Extell declined to comment on the matter. APF defaulted on its $50 million loan last year, and lender Wells Fargo is now seeking to foreclose. Barnett's move recalls his audacious deal-making from two decades ago, when he outmaneuvered Vornado Realty Trust in a battle for views of Central Park.

    This isn't the only big play Extell has made recently. The company just paid $160 million for Williams Equities' office building at 655 Madison Avenue, with plans to build a luxury condo and retail space on the site. That building is slated for demolition.