Gary Barnett of Extell has successfully acquired a crucial Fifth Avenue block, finalizing a 10-year pursuit of various properties to consolidate a prime location between West 46th and 47th streets for $175 million. This acquisition, which includes previous property at 574 Fifth Ave, paves the way for a 33-story tower with over 1 million square feet of office space and an Ikea superstore, the first in Manhattan. Barnett, acknowledging the challenges, stated he'll soon submit construction plans to complete this ambitious project.
Barnett described the acquisition by stating, 'We paid a stupid price but it gives us the whole block, which is amazing,' highlighting the significance of the purchase.
He added, 'It's the largest footprint available in midtown and maybe anywhere,' underscoring the importance of the site within New York's real estate landscape.
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