Extell Development keeps refilling its piggy bank.
The firm, led by Gary Barnett, is in talks with JPMorgan Chase for $3.8B in financing to build luxury condos on the former Walt Disney Co. campus on Manhattan's Upper West Side, Bloomberg reported, citing anonymous sources.
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If successful, the construction loan would be one of the largest ever in the U.S.
Representatives for Extell and JPMorgan declined to comment to Bloomberg and did not immediately respond to Bisnow’s inquiries.
Barnett is planning to build a 1.2M SF supertall at 80 W. 67th St., according to filings with the New York City Department of Buildings earlier this year. It would ultimately yield 430 units, along with 25K SF of retail and parking, across 86 stories.
The development is expected to be nearly 1,200 feet tall, towering more than 400 feet above the neighborhood’s next-tallest building, also built by Barnett. It will likely take inspiration from the Billionaires’ Row supertalls that Extell is known for.
The project has drawn backlash from some neighbors, who have protested its height and lack of affordability. Barnett has offered concessions, even though he could develop a tower as tall as 1,500 feet on the lot, with no affordable units, as of right.
The developer spent roughly $930M on several parcels that once served as the headquarters for ABC in early 2022. The properties span 1.7M SF across 66th and 67th streets on the Upper West Side.
The development is part of a package of projects for which an undisclosed preferred equity partner is contributing $1.2B in equity, Bisnow first reported last year.
The package also includes The Torch, a Times Square hotel for which Extell recently closed on nearly $1.3B in financing. The project, equipped with a drop tower ride, is in the works, with more than 40 stories already built.
Barnett is one of Manhattan’s most prolific developers today, with a pipeline ranging from offices and healthcare to residential and hotels. To help bring the projects to fruition, Extell brought on Innovo Property Group founder Andrew Chung as president and co-CEO.
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