@dershpiel: Jewish developer Gary Barnett’s Extell has agreed to pay $23.93 million for unused building rights that would allow another 87,000 square feet at its Manhattan tower. New York lets property owners transfer unused building allowances to eligible nearby projects. Extell plans to use those rights at 570 Fifth Avenue, giving it more space to develop. The office and retail tower will include an 80,000-square-foot IKEA store. Law firm Simpson Thacher & Bartlett has signed a lease for 916,000 square feet, with delivery expected by late 2028. The purchase agreement was signed in December 2025 and submitted to New York Supreme Court for approval on Friday. The transaction still needs court approval before it can close.

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2026-10-26 20:24:33

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