JPMorgan Chase Eyes $3.8 Billion Loan for Extell's UWS Tower

JPMorgan Chase is leading negotiations to secure a $3.8 billion construction loan for Extell Development's luxury condo tower on Manhattan's Upper West Side.

The project, which would rise on West 66th Street, has been in the works since Extell acquired the site, formerly home to the ABC television network headquarters, for $930 million in 2022.

Designed by Robert A.M. Stern Architects, the tower is expected to be a major addition to the city's luxury real estate market, and its financing would rank among the largest construction loans ever made in the US.

The talks come despite community board pushback and a proposed tax on out-of-town condo owners, which has reignited fears that the city could scare off wealthy homebuyers.