Gary Barnett
Founder and chairman at Extell Development
Last year's rank: 42
The legend of Gary Barnett goes back a long time. More than anyone else, Barnett is responsible for Billionaires’ Row, the block of supertall condos that have brought (and bought) New York City’s skyline into the 21st century.
In 2024, Barnett reaped more rewards for his efforts. Central Park Tower, the tallest residential building in the world, saw one unit, a 7,000-square-foot, full-floor residence, go into contract for $52.9 million. Moreover, its duplex penthouse closed for $115 million, making it the most expensive sale in the entire building.
Then there is Extell’s latest Upper West Side tower, 50 West 66th Street, which will rise 69 stories and feature 127 condominium units. Extell told CO that the building “continues to experience strong sales velocity,” as the building reported a November 2024 sale for one 52nd-floor unit of $54.5 million.
But even more than the fruit he planted long ago, Barnett has his eyes on the next big thing. The firm is constructing 740 Eighth Avenue, another supertall office tower that will span 875,000 square feet and include a ride that drops tourists 300 feet from an observation deck. Barnett secured a term sheet for $1.3 billion in senior construction financing and mezzanine debt earlier this year.
Then there’s the buying spree Extell has been on for the past few months, like the recent $175 million acquisition of the lot at 576 Fifth Avenue, completing a full-block assemblage of what will be the largest new development along iconic Fifth Avenue in 50 years: 1 million square feet of office that will become 570 Fifth Avenue, with Ikea anchoring the retail portion.
Extell is also expanding outside of Manhattan. The firm is building Hudson Piers in Westchester, a luxury living, shopping and dining development that will sit along the Hudson River; and it is also finalizing its Deer Valley East Village development in Utah, a ski village that will contain 800 hotel rooms, roughly 1,700 residential units and 1,200 new parking spaces upon completion. The anchor property, Grand Hyatt Deer Valley Hotel & Residences, opened this year and has already sold out its 55 luxury residences.
Oh, and last we looked, Extell was negotiating a 65,000-square-foot sale for a retail condo with Chanel for a modest $450 million.
Not bad for a year’s work.
