Extell Equity Powers Nine Projects in New York and Utah

Gary Barnett’s Extell Development has landed $1.2B in fresh equity from a hedge fund partner, per Bisnow. The infusion, disclosed in documents filed with the Tel Aviv Stock Exchange, strengthens Barnett’s pipeline of supertalls, luxury residences, and mixed-use developments.

Disney Campus: 1.8M SF Redevelopment

Extell is now moving forward with a major redevelopment of the former Walt Disney Co. and ABC campus on Manhattan’s Upper West Side. The company paid $921M in 2022 for the package of properties. According to the filings, the new plan calls for a 1.8M SF mixed-use residential project.

However, the proposal has already drawn pushback. Local advocacy groups warn the zoning could allow a 90-story, 1,200-foot tower, which would reshape the neighborhood skyline.

Other Major Projects in NYC

• Wellington Hotel: Plans for the shuttered Midtown hotel at 871 Seventh Ave. now call for a 600K SF mixed-use tower. The building would include hotel, residential, and retail space.
• 350 E. 86th St.: After years of tenant disputes, Extell is advancing a 600K SF residential and retail project on the former Gristedes site. The long-vacant parcel is finally cleared for construction.
• 231 W. 96th St.: A partnership with ABS Partners envisions an 800K SF development. The plan includes condos, rentals, and retail.
• Downtown Brooklyn: Extell and The Feil Organization plan a 600K SF residential tower at 356 Fulton St. This is an expansion of Feil’s earlier 475K SF design.
• 576 Fifth Ave.: Extell is preparing a 1.1M SF office tower anchored by Manhattan’s first Ikea. The retailer is investing nearly $300M in the project.
• 655 Madison Ave.: A proposed 74-story, 765K SF tower will combine retail, office, and condos. According to filings, Chanel is in talks to acquire the retail space for about $450M.
• The Torch at 740 Eighth Ave.: This 875K SF Theater District project is among Barnett’s most ambitious. It will feature an 825-key hotel, retail, an observation deck, and even a drop tower ride.

Beyond New York: Deer Valley East Village

Extell’s hedge fund partner is also backing its Utah resort redevelopment. Deer Valley East Village will double the skiable terrain to more than 5,700 acres. It will also add the Four Seasons Resort and Residences.

Construction is already underway. The firm closed a $600M loan for the Four Seasons earlier this year, with full completion expected in 2028. Other parts of the resort, including the 436-key Grand Hyatt Deer Valley, have already opened.

Why It Matters

The equity infusion underscores continued investor appetite for large-scale luxury and mixed-use projects. In addition, it gives Extell the capital to accelerate developments that have been stalled or delayed for years.

For Extell, the hedge fund backing represents another step in expanding its footprint across prime Manhattan corridors. At the same time, it signals the firm’s growing ambition to dominate Utah’s luxury resort market.