On just five blocks of Madison Avenue, a multibillion-dollar development battle is brewing.

Two of New York City’s most aggressive developers, Extell Development and Related Cos., have set in motion plans for ultra-luxury skyscrapers — a block away from each other. But they’re not alone. 

Across the avenue, Ashkenazy Acquisition Corp. is contemplating the future of the shuttered Barneys store. Further down, LVMH is redeveloping its Dior headquarters, and the former IBM building is on the market for $1.1B. 

And sharing a block with the former Barneys building is 800 Fifth Ave., which Naftali Group is reportedly under contract to buy for more than $800M, a price and buyer that suggest a luxury condo tower could be in the works.

Office investment on Park Avenue and retail investments on Fifth Avenue have consolidated New York City’s high net worth individuals into what is, more or less, a single 1,000-foot radius around this small strip of Madison Avenue. 

Could it become the next Billionaires’ Row? Some think it could be even better. 

Read the full story here.

— Sasha Jones and Ciara Long

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