The air-rights buy is a separate entitlement move from Extell's financed Park Avenue assemblage three blocks south.
Extell Development
Every story on The American Developer that names Extell Development, 5 and counting.
Extell Development at a glance
- Coverage
- 5 stories, September 2026 to October 2026
- Markets
- New York (5)
- Story mix
- Capital & Deals (4), Development (1)
- Projects
- 570 Fifth Avenue, 110 East 55th Street, Midtown East, Manhattan, 80 West 67th Street, Park Avenue assemblage (57 East 55th / 165 East 56th / 405-407 Park Avenue / 110 East 55th)
- Named alongside
- Gary Barnett, JPMorgan Chase
The deed, a JPMorgan loan agreement spanning five Midtown East lots, and the demolition filing all trace to the same few weeks.
The proposed loan would rank among the largest construction financings in U.S. history, a bet on luxury Manhattan condo demand at the top of the market.
Gary Barnett's firm has spent months stitching together five Manhattan lots one deed at a time. The recorded loan is the first hard number on what it is now backing.
Extell closed up to $1.3B in construction financing for The Torch, its 52-story Times Square hotel supertall, a live read on large-loan availability.