Extell Buys 1190 Avenue of the Americas for $18M

The Midtown purchase adds developable land near Extell's planned Ikea-anchored office and retail building.

Updated on Nov. 10, 2026 in Commercial

Row of mid-rise Midtown Manhattan commercial buildings with blank glass storefronts and a construction fence under overcast light. — Developer Extell Development paid $18 million for 1190 Avenue of the Americas from Lighthouse Properties and Solil Management, a deed filing showed Monday. AI Illustration. Upload story photo >

Extell Development bought 1190 Avenue of the Americas for $18 million from Lighthouse Properties and Solil Management, according to a deed filing recorded in property records on Monday. The four-story commercial building currently houses a tourism gift shop.

Why it matters

The purchase expands Extell's holdings on a block where the developer is already assembling a full-block project between West 46th and West 47th streets. It reflects continued investment in Midtown commercial real estate as large mixed-use projects take shape.

The $18 million price for the four-story building compares with the $175 million Extell paid for 576 Fifth Avenue in March 2025, based on property records. Extell has not publicly detailed how the newly acquired property will be used.

The players

Extell Development

Extell Development is a New York real estate developer behind several large Manhattan projects, including the Ikea-anchored office and retail building on Fifth Avenue.

Gary Barnett

Gary Barnett is the chief executive of Extell Development and a prominent figure in New York City's high-rise development market.

Lighthouse Properties

Lighthouse Properties is a real estate firm that sold 1190 Avenue of the Americas to Extell in this transaction.

Solil Management

Solil Management is a property management firm that co-sold 1190 Avenue of the Americas to Extell.

The details

The sellers were Lighthouse Properties and Solil Management, and the transaction was recorded through a deed filing in property records on Monday. Extell is building a 29-story office and retail building anchored by Ikea that runs a full block between West 46th and West 47th streets, from Fifth Avenue to Avenue of the Americas.

March 2025: Extell paid $175 million for 576 Fifth Avenue.
September: The Torch, a 60-story project at 740 Eighth Avenue, secured a $1.25 billion financing package led by J.P. Morgan.
Late October: Gary Barnett was closing a $24 million deal for 87,000 square feet of air rights from the Church of St. Mary the Virgin.
Monday: A deed filing recorded the 1190 Avenue of the Americas purchase.

Market Landscape

Extell's March 2025 purchase of 576 Fifth Avenue for $175 million was the first step in assembling the block now anchored by Ikea. The $18 million purchase of 1190 Avenue of the Americas extends that assembly, adding a parcel on the same block as the company's larger project.

For New Yorkers, the sale signals continued consolidation of commercial parcels in Midtown, which can affect the mix of retail and office space available near Fifth Avenue and Avenue of the Americas. Residents and shoppers near the block may see changes as the Ikea-anchored project progresses.

The takeaway

Large Midtown purchases often signal years of construction ahead, so watching permit filings and project announcements can show how the neighborhood's retail and office landscape will change.