- Extell Development paid $18 million to Lighthouse Properties and Solil Management for 1190 Avenue of the Americas, a four-story commercial building with a tourism gift shop, per a Monday deed filing.
- The site joins 576 Fifth Avenue, bought for $175 million in March 2025, and a $24 million air-rights deal as Extell builds toward a full-block, Ikea-anchored tower.
- Gary Barnett’s firm is stacking Midtown projects, including the 60-story Torch at 740 Eighth Avenue, which landed a $1.25 billion construction financing package led by J.P. Morgan in September.
Extell Development paid $18 million for 1190 Avenue of the Americas, a Midtown property that will feed its 574 Fifth Avenue project, Commercial Observer reports.
The sellers were Solil Management and Lighthouse Properties, a deed filed Monday shows. A tourist gift shop operates in the four-story property.
Get Smarter About What Matters in New York
Subscribe to our free newsletter covering the biggest commercial real estate stories across the five boroughs — delivered in just 5 minutes.
The Big Picture
The planned 574 Fifth Avenue is a 29-story office and retail project. Ikea will serve as its anchor tenant. The development would fill an entire block between West 46th and 47th streets, from Fifth Avenue to Avenue of the Americas.
Extell assembled the site partly by buying 576 Fifth Avenue from Sae-A Trading Company, a South Korean apparel maker. The deal closed for $175 million in March 2025.
Piecing Together the Block
Separately, Gary Barnett was set to close in late October on roughly 87,000 square feet of unused development rights. The rights belong to landmarked St. Mary the Virgin, an Episcopal church on West 46th Street. Extell agreed to pay $24 million.
With 1190 Avenue of the Americas in hand, Extell now controls more of the block. However, neither Extell nor Solil immediately replied to requests for comment. Lighthouse was also unreachable.
More Extell Projects
Barnett is also developing the Torch at 740 Eighth Avenue with Hyatt. The 60-story supertall will include a hotel under the chain’s new StandardX brand. In September, J.P. Morgan led $1.25 billion in construction financing for the project.
Meanwhile, J.P. Morgan is in talks to lead a roughly $3.8 billion loan for Extell’s Upper West Side tower. We reported on the talks in late September, citing Bloomberg.
Why It Matters
Extell is bringing together land, air rights and an anchor tenant for a block-long Midtown project. At the same time, lenders continue backing its development pipeline. Each additional parcel makes the full-block plan more achievable.
What’s Next
Extell has not commented on the deal. As a result, the timing and design details for 574 Fifth Avenue remain unconfirmed. Watch for further purchases as the company continues assembling the block.
