{"id":121948,"date":"2026-02-03T22:45:08","date_gmt":"2026-02-03T22:45:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/121948\/"},"modified":"2026-02-03T22:45:08","modified_gmt":"2026-02-03T22:45:08","slug":"gary-barnetts-extell-stays-busy-in-manhattan-with-40m-air-rights-deal-commercial-observer","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/121948\/","title":{"rendered":"Gary Barnett\u2019s Extell Stays Busy in Manhattan With $40M Air Rights Deal \u2013 Commercial Observer"},"content":{"rendered":"

Look, up in the sky<\/a>! It\u2019s Gary Barnett\u2019s Extell Development<\/a> completing yet another deal in Manhattan.\u00a0<\/p>\n

The real estate titan\u2019s firm has paid $39.9 million to private social club Metropolitan Club<\/a> to transfer 135,146 square feet of air rights from 1 East 60th Street to its 74-story development site nearby at 655 Madison Avenue, property records made public Monday show.\u00a0<\/p>\n

SEE ALSO: ZOM Living Lands $92M for Office-to-Resi Conversion in Doral<\/a><\/p>\n

Barnett signed the deal for Extell, while Robert J. Strang and Edgar H. Haug signed for Metropolitan Club. Extell and Metropolitan Club did not immediately respond to requests for comment.\u00a0<\/p>\n

Extell closed a herculean construction loan \u2014 $1.13 billion from Tyko Capital<\/a> \u2014 for its supertall skyscraper development at 655 Madison Avenue in December, in what was the largest construction loan of 2025, Commercial Observer reported<\/a> at the time. The building will span 764,698 square feet and feature condo units on the higher floors, as well as office floors and a retail podium at the base.\u00a0<\/p>\n

Luxury fashion brand Chanel<\/a> will bring a new flagship store to the building\u2019s base and have offices within the tower, which is slated for completion in 2031, according to New York YIMBY<\/a>. 655 Madison Avenue and 1 East 60th Street sit half a block from each other, not far from the southeast corner of Central Park.<\/p>\n

Barnett\u2019s firm also acquired<\/a> 123,000 square feet of air rights over Saint Thomas Church at 678 Fifth Avenue for $36 million in November.<\/p>\n

Extell is currently in contract to acquire 405-415 Park Avenue, the Real Deal reported<\/a>, as well as the air rights from Central Synagogue at 652 Lexington Avenue and the adjacent 110 East 55th Street.<\/p>\n

Extell owns at least 67 commercial properties with 751 residential units in New York City, according to data compiled by PincusCo, at a market value of $827.4 million.\u00a0<\/p>\n

Amanda Schiavo can be reached at aschiavo@commercialobserver.com<\/a>.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"Look, up in the sky! It\u2019s Gary Barnett\u2019s Extell Development completing yet another deal in Manhattan.\u00a0 The real…\n","protected":false},"author":2,"featured_media":121949,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[53462,53463,53464,53465,24530,24531,53466,1512,2664,75,84,83,9,24,63,53467],"class_list":["post-121948","post","type-post","status-publish","format-standard","has-post-thumbnail","category-manhattan","tag-1-east-60th-street","tag-110-east-55th-street","tag-405-415-park-avenue","tag-652-lexington-avenue","tag-655-madison-avenue","tag-678-fifth-avenue","tag-edgar-h-haug","tag-gary-barnett","tag-investments-sales","tag-manhattan","tag-manhattan-headlines","tag-manhattan-news","tag-new-york","tag-new-york-city","tag-nyc","tag-robert-j-strang-channel"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/121948","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=121948"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/121948\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/121949"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=121948"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=121948"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=121948"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}