Extell Development
Gary Barnett's supertall factory, now Manhattan's busiest megaproject machine
Who it is
Extell Development is the vehicle of Gary Barnett and the firm behind Billionaires' Row. Its towers include One57, Central Park Tower (with Nordstrom at the base) and One Manhattan Square, along with Upper West Side condos at 50 W 66th St. and the InterContinental Boston. An Extell affiliate is incorporated in Israel and issues bonds on the Tel Aviv Stock Exchange. That makes Extell unusually transparent: many Extell scoops start with a TASE filing. The day-to-day job has been a revolving door. CEO Sush Torgalkar lasted less than two years from 2019, and lieutenants like Dov Hertz moved on. The senior bench now includes Abba Barnett (Gary's nephew), Marc Kwestel on capital markets and Eli Kopciel on development. In 2026 Barnett named Carlyle and Innovo alum Andrew Chung co-CEO, though Barnett is still the one driving.
The pipeline is enormous. The 1.1M sf tower at 570 Fifth Avenue has Ikea as its retail anchor and investor, and Simpson Thacher signed on for about 700K sf. At 655 Madison, a planned supertall of condos, offices and a Chanel flagship, Tyko provided a $1.1B construction loan. TASE filings disclosed a $1.2B preferred-equity commitment from an unnamed hedge fund across nine projects. Those include the former ABC campus on the UWS, The Torch hotel tower and Deer Valley in Utah.
The past year added more. Extell went into contract on the 405-417 Park Avenue assemblage and bought the former Friars Club. With Princeton Real Estate Partners, it is preparing a Hell's Kitchen venue for ABBA Voyage that won a roughly $50M city tax break. Extell also bought junior mezzanine debt on Worldwide Plaza, which RXR and SL Green have contested. The Torch closed a $1.3B JPMorgan-led financing, and JPMorgan is in talks to lead a $3.8B package for the UWS condo. Extell has also been selling non-core sites when that's convenient, including Two Bridges to Bushburg and East Harlem to Jacob Schwimmer.
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