Extell Seeks $3.8B Loan for Luxury Condo Tower on Manhattan's Upper West Side

Extell Development is in talks with JPMorgan Chase for a massive $3.8B loan to build luxury condos on Manhattan's Upper West Side, Bloomberg reported.

The development, led by Gary Barnett, aims to construct a 1.2M SF supertall at 80 W. 67th St., which would be nearly 1,200 feet tall and yield 430 units along with 25K SF of retail and parking across 86 stories.

The project has been met with backlash from some neighbors who have protested its height and lack of affordability, but Barnett has offered concessions despite having the right to build a tower as tall as 1,500 feet without affordable units.

Extell spent roughly $930M on several parcels that once served as the headquarters for ABC in early 2022, and an undisclosed preferred equity partner is contributing $1.2B in equity to help bring the project to fruition.