Extell Finalizes Deal to Buy 110 East 55th Street for $65M
The deal brings Gary Barnett one step closer to conquering a Midtown development site assemblage
By Amanda Schiavo August 17, 2026 5:09 pm
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After months of negotiations, Extell Development has acquired 110 East 55th Street, a 19-story Midtown office property also known as Park 55, from the Parkoff Organization for $65 million, property records made public Monday show.
An affiliate of construction company JT Magen — which had previously partnered with Extell on a foreclosure in Boston — filed a pre-foreclosure suit at the property in May, The Real Deal reported. The foreclosure complaint alleged that Parkoff defaulted on a loan and owed some $40.6 million in principal and interest.
Parkoff and Extell did not immediately respond to Commercial Observer’s requests for comment.
Extell founder Gary Barnett was reported to be in contract for the property back in January, but a sales price was never reported until the deal closed this week. Now, Barnett will add the building to his firm’s ever-growing collection of Midtown-based assets.
Most recently, Extell acquired a block-long development site at 405-417 Park Avenue in May for $500 million, CO previously reported. The site — which has the potential for upwards of 700,000 square feet of rentable office space — went up for sale in August of last year.
Extell also acquired the Friars Club building at 57 East 55th Street for $19 million in late April. Additionally, Barnett secured 123,000 square feet of air rights over Saint Thomas Church at 678 Fifth Avenue for $36 million last year.
It’s unclear exactly what Barnett has planned for his massive Midtown assemblage — which is also set to include 111 East 54th Street — but the developer is already busy with other development projects in Manhattan.
The firm has several Midtown developments in the works, including a 600-foot-tall office tower at 570 Fifth Avenue, a 1,200-foot residential tower at 77 West 66th Street, a 70-story condominium at 50 West 66th Street, a 71-story mixed-use tower at 871 Seventh Avenue — the former Wellington Hotel — and a 1,162-foot-tall residential skyscraper at 655 Madison Avenue.
Amanda Schiavo can be reached at aschiavo@commercialobserver.com.
