Over the past year Extell Development has acquired a mammoth parcel of properties in Midtown, and rumors are now flying that the developer may build a hotel that could occupy nearly half of a city block. 6sqft reports that permits had been issued for the demolition of several four and five-story commercial buildings on West 46th Street between Fifth and Sixth Avenues, all of which are owned by the developer.
This follows the news that Extell had acquired two commercial properties on Fifth Avenue adjacent to the buildings about to be demolished, according to The Real Deal—a sale that totaled over $109 million.
And that's not the end of it: The list of properties owned by Extell also includes buildings on West 47th Street between Fifth and Sixth Avenues as well. Last August, the developer purchased an office building at 10 West 47th Street for $74.4 million, per TRD, which joined an adjacent Extell-owned property at 2 West 47th Street, which they acquired for $56 million.
That's quite a lot to keep track of, so here are the buildings by street: On West 46th Street, it's numbers 3 through 13; on Fifth Avenue, it's 562 and 564; and on West 47th Street it's 2 and 10.
The 10 buildings together total more than 300,000 square feet of space, and that's before you factor in the fact that the buildings have several thousand square feet of development rights that could be transferred from one building to the other for a taller building. When all said and done, a hotel—if not an even bigger development of some sort—doesn't seem all that unlikely, particularly given Extell's track record. Curbed has reached out to Extell for comment, and will update with any response.
UPDATE: An Extell spokesperson declined to comment.
· Extell Files Permits to Demolish Six Midtown Buildings for a New Mega Development [6sqft]
· Extell expands Diamond District footprint with $74M office deal [TRD]
· Gary Barnett adds to Diamond District assemblage [TRD]