Developer of supertall towers Extell has been granted another demolition permit for a site on the Midtown Manhattan block bounded by West 46th and 47th streets and Fifth and Sixth avenues. While the developer has yet to announce their intention on the block, it seems they have something up their sleeve; the company has also filed demolition permits for adjacent buildings 2 West 47th Street, 3-13 West 46th Street, and 562 and 564 Fifth Avenue. Taken all together, that nearly encompasses a full end of the block.
Together, the buildings encompass more than 300,000 square feet. That doesn’t take into account the several thousand square feet of development rights that are transferrable at the sites.
DNAinfo reports that, while the big-time developer continues to snatch up serious chunks of real estate on the Diamond District’s small one-block stretch along 47th Street, remaining jewelry retailers have begun to feel the crush of their presence through rising rents. "It has been a major dislocation for the people in those buildings, and because of that the rents have gone up," a source told DNAinfo. "It’s the same amount of jewelers competing for less space, so of course it’s just supply and demand. Everyone is saying they need space but can’t find it."
Extell has formerly declined to comment on their activity on the block, and a representative for the development has also declined to comment.