Extell Development chief Gary Barnett continues to pump projects into the development pipeline, economic concerns apparently no more than a vague nagging feeling at the back of his mind.
On June 26, Extell filed plans to build a 24-story, 175-unit hotel at 30 West 46th Street, just a block over from Mr. Barnett’s controversial $750 million Gem Tower at 50 West 47th Street, on which he began construction in May.
Mr. Barnett, himself a former diamond dealer, intends that project to serve as a modern anchor for the city’s diamond district. Perhaps this hotel is intended to house traveling diamond dealers? Extell declined to comment by press time.
But this is just the latest in a slew of new projects for Mr. Barnett.
Just last week, he filed plans for a hotel at the site of the beloved Antiques Garage flea market. And in April, the firm filed plans for 112 new Manhattan condominiums. And the list goes on! In February, Extell filed plans for an 830,000-square-foot hotel and residential development for 157 West 57th Street.
We guess Mr. Barnett is a believer in that old adage about building in a down market. Or maybe he’s just trying to get as many projects as possible approved before the new building code goes into effect July 1.