Extell’s Diamond District project is a mystery no more. Extell head Gary Barnett told the New York Post recently that he had acquired the final piece of property that will allow his firm to build a hotel between West 47th and 48th Streets.
Speculation about this project first began when Extell filed demolition plans for 10 different buildings in this area, two years ago. In the subsequent years, Extell also purchased several air rights from the surrounding buildings further hinting at the possibility of a large new development.
Earlier this year, Extell filed demolition plans for two additional buildings—one on West 47th Street and the other on West 48th Street—but the firm still did not reveal any of its plans at that time. Now Barnett has confirmed the project after the purchase of a property at 32 West 48th Street closed for $40 million.
Demolition work to make way for the hotel is expected to begin in the next six months, and the hotel will have several hundred rooms, according to what Barnett told the Post. Beyond that, no other details about the development have been revealed yet.