Extell Seeks $3.8B Financing for Condos on Former ABC-TV Campus

JPMorgan Chase & Co. is in talks to lead a $3.8-billion financing for Extell Development’s plan to build condominiums on Manhattan’s Upper West Side at a site that formerly housed the headquarters of the ABC television network. Bloomberg News reported that the financing would be among the largest construction loans ever in the U.S.

Extell paid $930 million to acquire the site in 2022 and filed plans last April to build an 86-story tower designed by Robert A.M. Stern Architects. The prolific developer, whose past projects include Central Park Tower and One57, finalized $1.25 billion in financing earlier this month for an 1,800-key hotel in a Times Square project known as the Torch, reported Bloomberg.

If it comes together, the financing for the 80 W. 67th St. project would follow the $3.3-billion construction loan that Vornado Realty Trust recently secured for 350 Park Ave., an office tower it’s developing with Rudin and Citadel’s Ken Griffin.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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