Extell Development Company
Extell Development Company is an American real estate development firm founded in 1989 by Gary Barnett, specializing in luxury residential, commercial, retail, hospitality, and mixed-use properties primarily in New York City.[1][2] Headquartered in Manhattan, the company has assembled a portfolio exceeding 25 million square feet of developments, emphasizing superior craftsmanship, sophisticated design, and high-end amenities derived from Barnett's prior experience in the international diamond trade.[1][3]Extell has significantly influenced Manhattan's skyline through pioneering supertall luxury towers, including the 1,550-foot Central Park Tower—the world's tallest residential building upon completion in 2020—and One57, a 1,005-foot structure that helped initiate the Billionaires' Row cluster of ultra-luxury high-rises along Central Park South.[4][5] Other landmark projects encompass One Manhattan Square on the Lower East Side and Brooklyn Point in Downtown Brooklyn, showcasing the firm's focus on mixed-use complexes with extensive amenities and waterfront integration.[6][7] The company's aggressive pursuit of prime sites has occasionally sparked disputes over zoning variances, construction permits, and community impacts, as seen in legal challenges to projects like the 50 West 66th Street tower.[8][9]
Founding and Early Development
Origins and Gary Barnett's Background
Gary Barnett was born on September 8, 1951, and raised in Monsey, New York, where he currently resides. He attended Queens College and Hunter College, both part of the City University of New York system.[10][11] Barnett's early professional career centered on the international diamond trade during the 1980s, when he bought and sold diamonds for S. Muller & Sons, a prestigious firm headquartered in Antwerp, Belgium, the global diamond capital. His experience in this high-value commodities market honed skills in negotiation, risk assessment, and capital deployment that later informed his real estate ventures.[3][12] In 1989, Barnett transitioned to real estate development, founding Extell Development Company in New York City after identifying untapped potential in undervalued properties amid shifting market dynamics. The firm's origins trace to Barnett's initial opportunistic acquisitions of distressed real estate assets nationwide, leveraging his commodities background to finance and reposition them for redevelopment.[13][14][15]Initial Projects and Business Model Establishment (1989–1990s)
Extell Development Company, established in 1989 by Gary Barnett, initially pursued opportunities in New York City's recovering real estate market following the late-1980s crash, focusing on the acquisition of multifamily rental properties for renovation and partial conversion to condominiums.[16] Barnett, drawing on capital from his prior diamond trading operations and familial investments, collaborated with developers including Ziel Feldman and Kevin Maloney through affiliations with Property Markets Group to target undervalued apartment buildings amenable to ownership conversions.[17] [16] This period marked the firm's entry into residential repositioning, exploiting low acquisition costs and rising demand for individual unit sales amid economic stabilization.[18] One of the company's earliest significant undertakings was the 1994 purchase of The Belnord, a 1909 landmarked rental building spanning a full Upper West Side block at Broadway and West 86th Street, acquired for $15 million in partnership with investors including Feldman.[19] [3] Barnett allocated roughly $16 million for comprehensive restorations, upgrading interiors and infrastructure while adhering to landmark preservation requirements, which enabled the sale of select renovated units as premium residences and enhanced overall property value.[3] [20] The project exemplified Extell's hands-on approach to value enhancement, yielding substantial returns through targeted improvements rather than wholesale demolition.[21] By the late 1990s, these conversion and renovation initiatives had solidified Extell's foundational business model: opportunistic sourcing of distressed assets at depressed prices, execution of high-quality rehabilitations to command premium pricing, and strategic shifts toward condominium sales to capture equity upside in a seller's market.[16] This methodology prioritized cash flow generation from operational improvements and market repositioning over speculative ground-up construction, providing a low-risk entry point that funded subsequent expansion while honing operational expertise in luxury residential repositioning.[22] The firm's early success in navigating rent-regulated tenancies and regulatory hurdles during conversions underscored a pragmatic focus on feasible, high-margin interventions in Manhattan's legacy inventory.[16]Growth and Key Milestones
Expansion in the 2000s and Pre-Recession Boom
In 2005, Extell Development Company, in partnership with the Carlyle Group, acquired the remaining undeveloped portions of the Riverside South site—a 77-acre parcel along Manhattan's Upper West Side waterfront—from a consortium of Asian investors who had previously purchased it from Donald Trump.[23] This $1.76 billion transaction marked a pivotal expansion for Extell, transitioning the firm from smaller-scale ventures to major luxury residential developments amid New York City's pre-recession real estate surge.[23] The acquisition positioned Extell to capitalize on surging demand for high-end condominiums with Hudson River views, leveraging the site's approved master plan for mixed-use towers while emphasizing unobstructed waterfront access and proximity to Riverside Park.[24] Extell's inaugural project within Riverside South, The Avery at 100 Riverside Boulevard, was completed in 2007 as a 32-story condominium tower designed by SLCE Architects, featuring 266 luxury units with river-facing amenities including a fitness center and landscaped terraces.[24][25] This development, spanning approximately 322,000 square feet, exemplified the firm's focus on premium finishes and expansive layouts, with sales reflecting the era's booming market for upscale properties priced from several million dollars per unit.[26] Following swiftly, The Rushmore at 80 Riverside Boulevard—a 42-story dual-tower complex designed by Costas Kondylis—neared completion in 2008, adding over 300 residences with similar emphasis on panoramic views and high-end interiors.[27][28] These projects, totaling millions of square feet, underscored Extell's rapid scaling through strategic land control and construction during a period of low interest rates and robust foreign investment in Manhattan real estate.[29] By late 2008, as the financial crisis loomed, Extell had secured additional Riverside South parcels, including plans for retail anchors like a potential Costco, signaling ambitions for further mixed-use density on the site's southern end.[30] This pre-recession positioning, built on the 2005 foothold, elevated Extell to a leading developer with a portfolio emphasizing vertical luxury housing, though subsequent market downturns delayed full realization of the master plan's scope.[31] The firm's growth trajectory in the 2000s relied on Barnett's opportunistic acquisitions and a business model prioritizing condominium sales over rentals, aligning with the decade's credit-fueled expansion in high-end residential inventory.[32]Post-2008 Recovery and Supertall Era (2010s)
Following the 2008 financial crisis, Extell Development Company implemented cost-cutting measures, including a 15% staff reduction in December 2008, amid a sharp downturn in real estate financing and sales.[33] By 2010, as credit markets stabilized and demand for ultra-luxury properties reemerged—driven by low interest rates and influxes of international capital from buyers in Asia and the Middle East—Extell shifted focus to ambitious high-rise developments targeting affluent global investors.[34] This strategic pivot capitalized on recovering Midtown Manhattan land values and zoning allowances for taller structures, enabling the firm to secure financing for projects that defined the era's "supertall" trend, where residential towers exceeded 1,000 feet in height.[35] A cornerstone of this recovery was One57 at 157 West 57th Street, where construction commenced in 2010 with an estimated $1.3 billion budget.[34] Designed by Christian de Portzamparc, the 75-story tower reached 1,005 feet upon completion in 2014, becoming New York City's tallest residential building at the time and inaugurating the Billionaires' Row cluster of supertalls along 57th Street.[36][5] The project included 94 condominium units above a 28-story Park Hyatt hotel base, with sales fueled by high-net-worth purchasers; penthouse sales alone exceeded $100 million per unit, reflecting the decade's luxury pricing surge despite broader market volatility.[37] Extell extended this model with Central Park Tower at 217 West 57th Street, adjacent to One57, where foundation work began in 2014 following site acquisition and approvals.[38] At 1,550 feet and 131 stories upon topping out in 2019 (with full completion in 2020), it surpassed One57 and positioned Extell as a leader in supertall residential construction, incorporating 179 luxury condos above retail and amenity spaces.[39] The firm's approach emphasized engineering feats like deep foundations to support slender profiles amid Midtown's dense geology, though it faced delays from labor shortages and material costs.[40] Parallel to supertall pursuits, Extell advanced mixed-use projects like One Manhattan Square on the Lower East Side, where groundbreaking occurred in 2015 and the dual-tower complex (each over 800 feet) delivered 815 condominiums by 2019, marking one of Manhattan's largest unit counts for a single development.[41] These efforts, totaling millions of square feet, underscored Extell's resilience, with Gary Barnett attributing success to selective site acquisitions and partnerships for equity, even as the 2010s condo boom peaked before softening due to oversupply and regulatory scrutiny on foreign purchases.[35][42]Recent Developments (2020s)
In 2020, Extell completed Brooklyn Point, a 68-story, 720-foot-tall luxury residential tower in Downtown Brooklyn that includes 458 condominium units and the highest outdoor infinity pool in the Western Hemisphere at 680 feet.[7][43] Central Park Tower, a 131-story, 1,550-foot structure on Billionaires' Row marketed as the world's tallest residential building, reached substantial completion that year despite construction delays and sales slowdowns induced by the COVID-19 pandemic.[44][40] The pandemic prompted Extell to offer discounts of up to 20 percent on unsold units at projects such as the 800-foot tower at 250 South Street to counter reduced buyer demand in the luxury market.[45] Financially, Extell recorded a $206 million net loss in 2020, driven by pandemic-related market disruptions, and downwardly revised Central Park Tower's projected revenue by $1 billion from 2018 estimates due to softer sales.[46] The firm's Israeli-issued bonds faced a downgrade watch from rating agency Midroog amid heightened credit risks from economic uncertainty.[47] Construction across multiple sites encountered delays, though Extell completed its first fully affordable housing project at 1768 Second Avenue on the Upper East Side during this period.[48] By 2024, Extell had topped out a 69-story luxury residential tower in Manhattan, surmounting earlier pandemic-induced setbacks and litigation from community groups.[49] In March 2025, the company acquired five multifamily buildings comprising 30 units from Solil Management in a transaction highlighting opportunistic investments in established assets.[50] In September 2025, Extell obtained $1.2 billion in preferred equity from an undisclosed hedge fund to support nine ongoing projects in New York and Utah, encompassing the redevelopment of the former Disney/ABC campus on the Upper West Side, a Madison Avenue office tower, the expansion of the Wellington Hotel site into a 71-story mixed-use property with 156 hotel rooms and 130 residences, and a ski resort village in Deer Valley.[51][52][53] Additional proposals included a 1,200-foot supertall residential skyscraper on the Upper West Side and plans for multiple mid-rise buildings on Manhattan's West Side, such as a nine-story, 50-unit structure at 30 West 67th Street.[54][55] A lawsuit filed by residents of 520 Park Avenue in 2025 contested the 74-story tower at 655 Madison Avenue, alleging obstruction of Central Park views, underscoring neighborhood tensions over supertall developments.[56]Leadership and Organizational Structure
Gary Barnett's Role and Vision
Gary Barnett founded Extell Development Company in 1989 and currently serves as its Chairman, where he provides overarching strategic guidance and remains actively involved in major project decisions.[1] Prior to real estate, Barnett worked in the international diamond trade, an experience that instilled a philosophy of precision and perfection which he applies to development, emphasizing meticulous selection of sites, materials, and designs to achieve superior outcomes.[1] Under his leadership, Extell has developed over 25 million gross square feet of properties, focusing on residential, commercial, and hospitality assets that prioritize quality and innovation.[1] Barnett's vision centers on redefining luxury real estate through timeless craftsmanship, impeccable design, and collaboration with top architects and professionals to create enduring structures rather than transient builds.[1] This approach is evident in Extell's pioneering of supertall residential towers in New York City, such as One57 and [Central Park Tower](/page/Central Park Tower), which target affluent global buyers and leverage advanced engineering for unprecedented heights and amenities.[1] He advocates for intelligent floor plans and finest appointments to elevate living standards, drawing parallels to the exacting standards of diamond evaluation where flaws are unacceptable.[1] Barnett's strategy often involves site assemblages to maximize potential, enabling transformative projects that reshape urban skylines while adhering to rigorous quality controls.[16] In recent years, Barnett has expanded this vision beyond Manhattan, pursuing opportunities in mixed-use developments and international ventures, such as potential sites in Jerusalem, while maintaining a commitment to high-end, serviced properties that blend functionality with opulence.[57] His hands-on role persists despite the 2019 appointment of a new CEO, ensuring continuity in Extell's pursuit of excellence amid market fluctuations.[58]Executive Team and Succession
Extell Development Company is primarily led by its founder, Gary Barnett, who has served as Chairman since the company's inception in 1989 and continues to direct major strategic initiatives, including high-profile projects like supertall residential towers.[1][59] Barnett, drawing from his prior experience in the diamond trade, emphasizes meticulous craftsmanship and long-term value in developments exceeding 25 million square feet.[1] Julie Long holds the position of Chief Operating Officer at Extell Development Company, a role she has maintained since at least 2019, while also serving as President of Extell Financial Services to manage financing and operational execution across the portfolio.[1][60] In a notable leadership shift, Extell appointed Sush Torgalkar as President and CEO on January 14, 2019, recruiting him from his prior role as Chief Operating Officer at Westbrook Partners; Barnett retained the chairmanship with intentions of close collaboration to sustain the firm's growth.[58][61] Torgalkar departed the CEO position in September 2020, after less than two years, amid no publicly detailed reasons, leaving no immediate successor named in available records.[62][63] As of October 2025, no formal succession plan for Barnett has been disclosed publicly, with the founder maintaining operational influence over Extell's direction despite past efforts to institutionalize executive transitions.[1] The company's structure relies heavily on an internal cadre of professionals handling development, design, and management, though detailed rosters beyond top roles remain proprietary.[64]Portfolio of Projects
Iconic Residential Towers in New York City
Extell Development Company has developed multiple high-profile residential towers in New York City, particularly supertalls that have elevated the city's skyline and luxury housing market. These projects, concentrated in prime Manhattan locations, emphasize expansive views, premium amenities, and architectural innovation, often setting sales records for ultra-luxury condominiums.[1] The Central Park Tower at 225 West 57th Street in Midtown Manhattan, completed in 2020, reaches a height of 1,550 feet across 131 stories, establishing it as the world's tallest residential building.[65][66] Developed in partnership with Shanghai Municipal Investment Group, it includes 179 condominium units above a base with retail space and the Park Hyatt hotel, spanning over 50,000 square feet of private amenities for residents.[67][68] One57, located at 157 West 57th Street along Billionaires' Row, was completed in 2014 at 1,004 feet tall with 75 stories, marking it as the tallest residential tower in the Western Hemisphere at the time.[5][69][36] The 75-story structure pioneered the supertall residential boom in the area, offering 92 luxury condominium units with panoramic city views.[70] One Manhattan Square on the Lower East Side at 225 Cherry Street stands at 800 feet with 80 stories, completed in 2019 and containing 815 condominium residences.[71][72][73] Designed by Adamson Associates Architects, the tower features floor-to-ceiling glass facades and extensive waterfront amenities, targeting a broad range of buyers including international investors.[74] 50 West 66th Street, a 69-story condominium tower on the Upper West Side between Central Park and Lincoln Center, topped out in February 2024 with 127 luxury units and is slated for completion in 2025.[49][75] Designed by Snøhetta, it incorporates neighborhood-inspired elements such as setbacks and private loggias, offering residences from two-bedrooms to full-floor penthouses.[76][77]| Project | Location | Height (ft) | Stories | Completion Year | Units |
|---|---|---|---|---|---|
| Central Park Tower | 225 W 57th St | 1,550 | 131 | 2020 | 179 |
| One57 | 157 W 57th St | 1,004 | 75 | 2014 | 92 |
| One Manhattan Square | 225 Cherry St | 800 | 80 | 2019 | 815 |
| 50 West 66th Street | 50 W 66th St | ~775 | 69 | 2025 | 127 |