Extell Development Company
| Company type | Private |
|---|---|
| Industry | Real estate development |
| Predecessor | Intell Management and Investment |
| Founded | 1989 |
| Founder | Gary Barnett |
| Headquarters | New York City , United States |
Area served | United States (primarily Manhattan, New York) |
Key people | Gary Barnett (founder) |
| Products | Residential, commercial, retail, hospitality, mixed-use developments |
Number of employees | 125–150 |
Extell Development Company is a U.S.-based real estate firm with expertise in developing residential, commercial, retail, hospitality, and mixed-use projects. Established in 1989 by Gary Barnett, the company’s holdings surpass 20 million square feet. Its workforce ranges from 125 to 150 employees. Before 2005, the business operated under the name Intell Management and Investment.
According to a 2013 report by The Real Deal, Extell was the most prolific developer in Manhattan, overseeing more than eleven projects that collectively spanned over five million square feet.
During the early 2010s, Extell obtained funding from Abu Dhabi’s sovereign wealth funds to construct One57, recognized as Midtown Manhattan’s inaugural "Supertall" residential tower. This project initiated the trend of ultra-luxury condominiums known as "Billionaires' Row" near Central Park. The company has also completed several developments on Manhattan’s Upper East Side.
In 2020, Extell finalized Central Park Tower, which holds the distinction of being the tallest exclusively residential building worldwide. The financing for this 1,550-foot skyscraper included Israeli bonds, capital raised through the EB-5 visa program, and investments from the Chinese government-owned Shanghai Municipal Investment Group.
Looking ahead to 2025, Extell revealed intentions to build a residential skyscraper comparable in height to the Empire State Building on the former ABC Studios location at West 66th Street (Manhattan) and Columbus Avenue (Manhattan). Although zoning regulations allow for a super-tall luxury tower without mandates for affordable housing, Extell committed to incorporating 121 affordable units—primarily studio apartments for seniors—to avoid expensive legal challenges similar to those encountered at 50 West 66th Street.
Controversies
In 2013, Extell attracted criticism for implementing separate entrances for market-rate and subsidized tenants within certain Manhattan high-rise buildings, provoking public backlash over perceived social segregation.
In the late 2020s, Extell took advantage of a "mechanical void loophole" in New York City’s housing regulations to increase the height of its development at 50 West 66th Street. The original plan featured a single 160-foot mechanical void designed to enhance penthouse views and values but was later modified into three smaller voids. Despite resistance from local officials and a lawsuit filed by community organization Landmark West, the city’s Board of Standards and Appeals approved the project with a tied vote of 2-2. The New York City Council subsequently closed this loophole during ongoing construction; however, this action came too late to affect this particular building.
Properties
Key projects developed by Extell include: