At a glance
- The density will be added to the 570 Fifth Avenue office tower it is building a block east.
- The purchase and sale agreement is dated December 2025 and was filed with the New York Supreme Court on Friday for approval, Commercial Observer reported, citing PincusCo.
- $23.93 million equals roughly $275 per square foot for the 87,000 square feet.
Extell Development agreed to buy 87,000 square feet of air rights over the Church of St. Mary the Virgin for $23.93 million. The density will be added to the 570 Fifth Avenue office tower it is building a block east.
The purchase and sale agreement is dated December 2025 and was filed with the New York Supreme Court on Friday for approval, Commercial Observer reported, citing PincusCo. The filing records approval from the church's board of trustees, the Protestant Episcopal Church in New York and Bishop Matthew Foster Heyd. No brokers were involved, according to the filing.
$23.93 million equals roughly $275 per square foot for the 87,000 square feet. The air rights will be added on top of a land basis Extell finished assembling with the $175 million purchase of a corner lot in 2025.
An allocator underwriting a Manhattan office development can test that price against other air-rights trades and against buying another parcel outright.
Simpson Thacher & Bartlett will take the office portion under a 916,000-square-foot lease signed in May. Development partner Ingka Investments will open an 80,000-square-foot Ikea store at the base. Delivery is expected by the end of 2028. The project was once drawn as a 78-story supertall and has since been downsized.
The church has sold air rights before. Another 131,000 square feet of its unused air rights went to the Durst Organization's 114 West 47th Street tower, and the Extell sale is the last slice.
Court approval of the transfer is the remaining step before the $23.93 million changes hands.
Extell's Midtown outlays: a corner lot, a building, church air rights
The 87,000 square feet of density is the smallest of the three checks
- 570 Fifth Ave corner lot (2025)$175M
- 110 East 55th Street$65M
- St. Mary air rights (87,000 sf)$23.93M
Show as table
| Item | Value ($M) |
|---|---|
| 570 Fifth Ave corner lot (2025) | $175M |
| 110 East 55th Street | $65M |
| St. Mary air rights (87,000 sf) | $23.93M |
Reported by the Deals desk from Commercial Observer and PincusCo (cited by Commercial Observer). Published . Corrections