Extell Development has secured $340 million in refinancing from IGIS Asset Management for its 570 Fifth Avenue project in Midtown. Originally acquired from SL Green Realty in 2015, Extell plans a 78-story supertall skyscraper encompassing over 1 million square feet. The tower will feature residential units, a hotel, Class A office space, and ground-floor retail, including an 80,000-square-foot Ikea.  

The Swedish retailer will hold a one-third stake in the development. Plans include green spaces and setbacks, although final design hinges on NYC zoning approval, which has seen previous hurdles. Designed by Kohn Pedersen Fox, the tower proposes green spaces and setbacks, pending final approval from NYC zoning regulations. Completion of the project is targeted for 2028, contingent upon regulatory approvals and construction timelines.