Extell to Buy $24M in Air Rights From Episcopal Church for 570 Fifth Avenue Tower
Why this matters
Office continues to trade in two distinct markets: trophy assets in walkable submarkets that are leasing at or near record rents, and commodity Class B and C buildings where the basis is still resetting. Underwriting on the latter has moved toward replacement-cost-minus, with credit underwriting now leaning on tenant covenant and remaining lease term rather than mark-to-market expectations. For LP-positioned capital, the read-through is that the bifurcation is now a structural feature of the sector, not a cycle to wait out.
Editorial analysis · Real Estate Trail Editorial
On the RET wire
- Disclosed office deal value tracked in October 2026: $21.2B across 61 reported transactions. All Office coverage →
Computed from Real Estate Trail’s own tracked coverage
Gary Barnett ’s Extell Development has nearly secured 87,000 square feet of air rights for its 570 Fifth Avenue office tower project. The rights currently belong to the Church of St. Mary the Virgin , a landmarked Epi…
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