Gary Barnett’s Park Avenue puzzle
Gary Barnett’s latest Midtown buying spree fits a familiar Extell playbook: quietly assemble strategic parcels, secure development rights and leave everyone guessing about the endgame. But as deals begin to close, Barnett’s vision for a Park Avenue assemblage is beginning to come into focus. Recent acquisitions, air-rights deals and even a foreclosure filing suggest Extell is methodically expanding its footprint around the development site. In May, Barnett’s Extell paid 500 million for the development site at 405-417 Park Avenue, the centerpiece of the assemblage. The developer simultaneously scooped up 20 million worth of air rights from nearby Central Synagogue, boosting []This article originally appeared on The Real Deal. Click here to read the full story.
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