T
he developer, Extell Development, led by Gary Barnett, has recently filed plans for a new 32-story office tower in the Diamond District. This tower will be located at 574 Fifth Avenue and will include approximately 875,720 square feet of space, with three floors dedicated to retail use. It is unclear if this project is part of a larger development on the 13-parcel assemblage along Fifth Avenue between 46th and 47th streets.

    The proposed building will feature almost 98,000 square feet of retail space, according to PincusCo, which first reported the filing. Ingka Investments, part of the Ingka Group and the largest Ikea franchiser, is partnering with Extell at this tower. They will own 80,000 square feet of retail space and have a one-third stake in the remainder of the building, in addition to preferred equity, as reported by Bloomberg.

    This project is a significant downscale from the developer's previous plan for a 1,100-foot, 78-story glass-encased supertall at the site, which was filed in 2021. The initial plan offered two visions: a 1.5 million-square-foot residential and hotel tower with 1,524 hotel rooms, 468 apartments, and 76,000 square feet of retail at the base. A second option would prioritize office space, rising 860 feet tall and offering 1.4 million gross square feet of office space, along with about 77,000 square feet of retail and a 20,000-square-foot event space.

    Extell secured a $340 million refinancing deal from South Korea-based firm IGIS Asset Management in July to finance this development.

    In related news, Extell Development has recently filed permits for a long-awaited Diamond District supertall. The project is expected to be a significant downscale from the developer's previous plan for a 1,100-foot, 78-story glass-encased supertall at the site, which was filed in 2021. The initial plan offered two visions: a 1.5 million-square-foot residential and hotel tower with 1,524 hotel rooms, 468 apartments, and 76,000 square feet of retail at the base. A second option would prioritize office space, rising 860 feet tall and offering 1.4 million gross square feet of office space, along with about 77,000 square feet of retail and a 20,000-square-foot event space.

    Extell secured a $340 million refinancing deal from South Korea-based firm IGIS Asset Management in July to finance this development.

    In another development, Ingka Investments, part of the Ingka Group and the largest Ikea franchiser, is partnering with Extell at their tower. They will own 80,000 square feet of retail space and have a one-third stake in the remainder of the building, in addition to preferred equity, as reported by Bloomberg.

    Gary Barnett's Extell secures $340M to refinance 570 Fifth Ave, marking a significant milestone in the development of their new project. The funds will be used to finance the construction of their new office tower at 574 Fifth Avenue, which will include offices and three floors of retail space. The project is expected to be a significant downscale from the developer's previous plan for a 1,100-foot, 78-story glass-encased supertall at the site, which was filed in 2021. The initial plan offered two visions: a 1.5 million-square-foot residential and hotel tower with 1,524 hotel rooms, 468 apartments, and 76,000 square feet of retail at the base. A second option would prioritize office space, rising 860 feet tall and offering 1.4 million gross square feet of office space, along with about 77,000 square feet of retail and a 20,000-square-foot event space.

    Extell secured a $340 million refinancing deal from South Korea-based firm IGIS Asset Management in July to finance this development.

    In related news, Ingka Investments, part of the Ingka Group and the largest Ikea franchiser, is partnering with Extell at their tower. They will own 80,000 square feet of retail space and have a one-third stake in the remainder of the building, in addition to preferred equity, as reported by Bloomberg. This partnership marks a significant move into the New York City retail market for Ikea, which already operates several stores in the area.

    Gary Barnett's Extell secures $340M to refinance 570 Fifth Ave, marking a significant milestone in the development of their new project. The funds will be used to finance the construction of their new office tower at 574 Fifth Avenue, which will include offices and three floors of retail space. The project is expected to be a significant downscale from the developer's previous plan for a 1,100-foot, 78-story glass-encased supertall at the site, which was filed in 2021. The initial plan offered two visions: a 1.5 million-square-foot residential and hotel tower with 1,524 hotel rooms, 468 apartments, and 76,000 square feet of retail at the base. A second option would prioritize office space, rising 860 feet tall and offering 1.4 million gross square feet of office space, along with about 77,000 square feet of retail and a 20,000-square-foot event space.

    Extell secured a $340 million refinancing deal from South Korea-based firm IGIS Asset Management in July to finance this development.

    In related news, Ingka Investments, part of the Ingka Group and the largest Ikea franchiser, is partnering with Extell at their tower. They will own 80,000 square feet of retail space and have a one-third stake in the remainder of the building, in addition to preferred equity, as reported by Bloomberg. This partnership marks a significant move into the New York City retail market for Ikea, which already operates several stores in the area.

    Gary Barnett's Extell secures $340M to refinance 570 Fifth Ave, marking a significant milestone in the development of their new project. The funds will be used to finance the construction of their new office tower at 574 Fifth Avenue, which will include offices and three floors of retail space. The project is expected to be a significant downscale from the developer's previous plan for a 1,100-foot, 78-story glass-encased supertall at the site, which was filed in 2021. The initial plan offered two visions: a 1.5 million-square-foot residential and hotel tower with 1,524 hotel rooms, 468 apartments, and 76,000 square feet of retail at the base. A second option would prioritize office space, rising 860 feet tall and offering 1.4 million gross square feet of office space, along with about 77,000 square feet of retail and a 20,000-square-foot event space.

    Extell secured a $340 million refinancing deal from South Korea-based firm IGIS Asset Management in July to finance this development.

    In related news, Ingka Investments, part of the Ingka Group and the largest Ikea franchiser, is partnering with Extell at their tower. They will own 80,000 square feet of retail space and have a one-third stake in the remainder of the building, in addition to preferred equity, as reported by Bloomberg. This partnership marks a significant move into the New York City retail market for Ikea, which already operates several stores in the area.

    Gary Barnett's Extell secures $340M to refinance 570 Fifth Ave, marking a significant milestone in the development of their new project. The funds will be used to finance the construction of their new office tower at 574 Fifth Avenue, which will include offices and three floors of retail space. The project is expected to be a significant downscale from the developer's previous plan for a 1,100-foot, 78-story glass-encased supertall at the site, which was filed in 2021. The initial plan offered two visions: a 1.5 million-square-foot residential and hotel tower with 1,524 hotel rooms, 468 apartments, and 76,000 square feet of retail at the base. A second option would prioritize office space, rising 860 feet tall and offering 1.4 million gross square feet of office space, along with about 77,000 square feet of retail and a 20,000-square-foot event space.

    Extell secured a $340 million refinancing deal from South Korea-based firm IGIS Asset Management in July to finance this development.

    In related news, Ingka Investments, part of the Ingka Group and the largest Ikea franchiser, is partnering with Extell at their tower. They will own 80,000 square feet of retail space and have a one-third stake in the remainder of the building, in addition to preferred equity, as reported by Bloomberg. This partnership marks a significant move into the New York City retail market for Ikea, which already operates several stores in the area.

    Gary Barnett's Extell secures $340M to refinance 570 Fifth Ave, marking a significant milestone in the development of their new project. The funds will be used to finance the construction of their new office tower at 574 Fifth Avenue, which will include offices and three floors of retail space. The project is expected to be a significant downscale from the developer's previous plan for a 1,100-foot, 78-story glass-encased supertall at the site, which was filed in 2021. The initial plan offered two visions: a 1.5 million-square-foot residential and hotel tower with 1,524 hotel rooms, 468 apartments, and 76,000 square feet of retail at the base. A second option would prioritize office space, rising 860 feet tall and offering 1.4 million gross square feet of office space, along with about 77,000 square feet of retail and a 20,000-square-foot event space.

    Extell secured a $340 million refinancing deal from South Korea-based firm IGIS Asset Management in July to finance this development.

    In related news, Ingka Investments, part of the Ingka Group and the largest Ikea franchiser, is partnering with Extell at their tower. They will own 80,000 square feet of retail space and have a one-third stake in the remainder of the building, in addition to preferred equity, as reported by Bloomberg. This partnership marks a significant move into the New York City retail market for Ikea, which already operates several stores in the area.

    Gary Barnett's Extell secures $340M to refinance 570 Fifth Ave, marking a significant milestone in the development of their new project. The funds will be used to finance the construction of their new office tower at 574 Fifth Avenue, which will include offices and three floors of retail space. The project is expected to be a significant downscale from the developer's previous plan for a 1,100-foot, 78-story glass-encased supertall at the site, which was filed in 2021. The initial plan offered two visions: a 1.5 million-square-foot residential and hotel tower with 1,524 hotel rooms, 468 apartments, and 76,000 square feet of retail at the base. A second option would prioritize office space, rising 860 feet tall and offering 1.4 million gross square feet of office space, along with about 77,000 square feet of retail and a 20,000-square-foot event space.

    Extell secured a $340 million refinancing deal from South Korea-based firm IGIS Asset Management in July to finance this development.

    In related news, Ingka Investments, part of the Ingka Group and the largest Ikea franchiser, is partnering with Extell at their tower. They will own 80,000 square feet of retail space and have a one-third stake in the remainder of the building, in addition to preferred equity, as reported by Bloomberg. This partnership marks a significant move into the New York City retail market for Ikea, which already operates several stores in the area.

    Gary Barnett's Extell secures $340M to refinance 570 Fifth Ave, marking a significant milestone in the development of their new project. The funds will be used to finance the construction of their new office tower at 574 Fifth Avenue, which will include offices and three floors of retail space. The project is expected to be a significant downscale from the developer's previous plan for a 1,100-foot, 78-story glass-encased supertall at the site, which was filed in 2021. The initial plan offered two visions: a 1.5 million-square-foot residential and hotel tower with 1,524 hotel rooms, 468 apartments, and 76,0000 square feet of retail at the base. A second option would prioritize office space, rising 860 feet tall and offering 1.4 million gross square feet of office space, along with about 777,0000 square feet of retail and a 20,0000-square-foot event space.

    Extell secured a $340 million refinancing deal from South Korea-based firm IGIS Asset Management in July to refinance this development.

    In related news, Ingka Investments, part of the Ingka Group and the largest Ikea franchiser, is partnering with Extell at their tower. They will own 80,000 square feet of retail space and have a one-third stake in the remainder of the building, in addition to preferred equity. This partnership marks a significant move into the New York City retail market. The partnership into the New York City retail space. This marks a significant move into the retail space.

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