Extell Buys 1190 Avenue of the Americas for Fifth Avenue Development

Extell Development is adding another Midtown property to its collection to facilitate the construction of 574 Fifth Avenue.

Gary Barnett’s firm paid $18 million to Lighthouse Properties and Solil Management for the four-story commercial building at 1190 Avenue of the Americas, where a tourism gift shop currently operates, according to a Monday deed filing in property records.

Extell is building a 29-story office and retail building anchored by Ikea in what will run a full block between West 46th Street, West 47th Street, from Fifth Avenue to Avenue of the Americas, after paying $175 million to South Korean clothing manufacturer Sae-A Trading Company for 576 Fifth Avenue in March 2025.

In late October, Barnett was closing on a $24 million deal for 87,000 square feet of air rights belonging to the Church of St. Mary the Virgin, a landmarked Episcopal church at 145 West 46th Street. His newly acquired 1190 Avenue of the Americas adds to his developable land on the block.

Extell and Solil did not immediately respond to  requests for comment, while Lighthouse could not be reached for comment.

Barnett is also working with Hyatt Hotels to build a supertall known as the Torch at 740 Eighth Avenue. The Torch will be anchored by a hotel operated by Hyatt’s new StandardX brand. The 60-story project landed a $1.25 billion construction financing package led by J.P. Morgan in September.

Mark Hallum can be reached at mhallum@commercialobserver.com.