JPMorgan Chase & Co. is in discussions to lead approximately $3.8 billion in financing for Extell Development’s planned condominium project on Manhattan’s Upper West Side, according to reporting from Bloomberg News. The financing package, if completed as outlined, would rank among the largest construction loans ever arranged in the United States and would back a residential tower at a site formerly occupied by the ABC television network’s headquarters campus.
Extell acquired the Upper West Side property in 2022 for $930 million. The developer subsequently submitted plans in April to construct an 86-story tower at the location, identified as 80 W. 67th St. The project is slated to be designed by Robert A.M. Stern Architects, a firm known for its work on high-end residential buildings in Manhattan. The proposed tower would convert a longtime broadcast and office site into a large-scale condominium development, marking a significant shift in how the campus is utilized.
The contemplated financing would be structured as a sizable construction loan, with JPMorgan Chase & Co. expected to play a leading role, though final terms and a closing timeline have not been disclosed. Bloomberg’s report underscores the rarity of financing of this magnitude, highlighting it as one of the largest construction facilities ever contemplated in the U.S. market. Specific loan features such as term, pricing, and syndicate composition have not been made public.
Extell has been active in Manhattan’s large-scale development and financing market, with a track record that includes high-profile projects such as Central Park Tower and One57. Earlier in the month referenced in the report, the company completed $1.25 billion in financing for a separate project in Times Square known as the Torch, which is planned as an approximately 1,800-key hotel. That transaction further illustrates Extell’s continued access to substantial debt capital for major New York City developments.
The prospective 80 W. 67th St. loan would follow another recent marquee construction financing in Manhattan. Vornado Realty Trust, in partnership with Rudin and Citadel’s Ken Griffin, recently secured a $3.3 billion construction loan for 350 Park Ave., an office tower project in Midtown. Taken together, the proposed Extell financing and the Vornado-led 350 Park Ave. loan underscore the scale at which select New York City projects are still able to attract multi-billion-dollar construction debt.
While details remain preliminary for the Upper West Side condominium financing, the combination of a former ABC television campus site, an 86-story design by Robert A.M. Stern Architects, and a proposed $3.8 billion construction facility positions the project among the more prominent developments in the current Manhattan pipeline. Market participants will be watching how the loan is ultimately structured and which lenders join JPMorgan Chase & Co. if the transaction advances to closing.
