Extell Reportedly in Talks With JPMorgan on $3.8B Upper West Side Construction Loan

Reported financing discussion

Extell Development is in talks with JPMorgan Chase over $3.8 billion in financing to construct luxury condominiums on the former Walt Disney Co. campus on Manhattan’s Upper West Side, Bisnow reported September 25. Its report cited Bloomberg, which cited anonymous sources.

If completed, the construction loan would be among the largest ever in the U.S., according to the report. Representatives for Extell and JPMorgan declined to comment to Bloomberg and did not immediately respond to Bisnow’s inquiries.

Tower plans

Department of Buildings filings cited by Bisnow describe a planned 1.2 million-square-foot supertall at 80 W. 67th St. Gary Barnett-led Extell plans for 430 units, 25,000 square feet of retail space and parking across 86 stories.

The tower is expected to reach nearly 1,200 feet. Bisnow said this would put it more than 400 feet above the neighborhood’s next-tallest building, also developed by Barnett.

Extell spent roughly $930 million in early 2022 assembling several parcels that had served as ABC headquarters. The properties span 1.7 million square feet across 66th and 67th streets.

Equity package and neighborhood response

Some neighbors have protested the project’s height and lack of affordability, Bisnow reported. Barnett has offered concessions, although Bisnow said Extell has the right to develop a tower as tall as 1,500 feet on the site without affordable units.

The project is part of an Extell development package for which an undisclosed preferred-equity partner is contributing $1.2 billion in equity, according to Bisnow. That package also includes The Torch, a Times Square hotel project that recently closed on nearly $1.3 billion in financing and has more than 40 stories already built.

Extell has also named Innovo Property Group founder Andrew Chung as president and co-CEO, Bisnow reported.