Extell Development has recently secured a substantial $340 million refinancing deal with IGIS Asset Management for its 570 Fifth Avenue project in Midtown. The acquisition of this property from SL Green Realty in 2015 has paved the way for Extell’s plans to construct a magnificent supertall skyscraper spanning over 1 million square feet. This impressive tower will boast luxurious residential units, a high-end hotel, top-notch Class A office space, and ground-floor retail spaces including an expansive Ikea store.
As part of the development agreement, Swedish retailer Ikea will hold a one-third stake in the project. The proposed design includes ample green spaces and setbacks; however, final approval from NYC zoning regulations is still pending due to previous challenges faced by similar projects. Kohn Pedersen Fox has been entrusted with designing this iconic tower that promises to enhance the city skyline while adhering to green building principles.
The completion date for this ambitious project is set for 2028 but is subject to regulatory approvals and construction timelines. Stay tuned as we bring you more updates on this exciting development!
