[Hypothalamus]

Nice!

Together, 2 West 47th Street and 10 West 47th Street have a combined 206,500 buildable square feet. While declining to divulge the purchase price, Margolin confirmed the deal — noting that in addition to 2 West 47th Street, Extell also owns several other adjacent properties surrounding 10 West 47th Street. “From what I gather, [Extell is] putting together an assemblage,” Margolin said. “He has the buildings next door, the buildings behind me.” “He’s not consulting with me, but I think it’s safe to say from experience that whatever [Barnett] does, it’s probably going to be a mixed-use project,” Margolin added. - See more at: http://therealdeal.com/blog/2015/08/....SxpwVZ5g.dpuf

Extell, the developer of the skyscrapers at One57 and the upgoing Nordstrom Tower, needs air rights for yet another project. It already owned 570 Fifth, and has now sold everything under 180 feet to SLG for $34,871,556. Similarly, at No. 576 Fifth, Extell sold everything under 180 feet to SLG for $43,811,424.
On the south corner of the same blockfront at 46th Street, the L-shaped building at 562 Fifth was sold to the two companies by an entity of the late Elmer Ellsworth Smathers of Florida. The land was sold to SLG for $67,539,000 while the air above 180 feet was sold to Extell for $11,661,000.
Barnett has long been assembling air and land on this block for his now-open International Gem Tower.
Barnett intends to take this new air, also known as transferable development rights and move it to an adjacent site he owns on West 46th Street a few steps west of Fifth Ave.
This will enable Barnett to develop a tower that will at various heights also cantilever over a portion of the upcoming shorter SLG retail building. At 140 feet in the air, documents show the new tower will hover 50 feet across the SLG portion.

So are the 5th Avenue properties being sold back to Extell?