Extell's Upper West Side Supertall Weighs Record $3.8B Loan
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.
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- Read original source · Bisnow
JPMorgan Chase is weighing a construction loan of roughly $3.8 billion for Extell Development’s planned supertall at 80 West 67th Street, an 86-story tower on the Upper West Side that would rank among the largest single construction loans ever issued in the United States. The loan is still in discussion, not closed, according to a Bloomberg report cited by Bisnow on September 25, 2026.
The tower, rising nearly 1,200 feet, would sit more than 400 feet above the next-tallest building in the neighborhood. Extell, led by founder and CEO Gary Barnett, assembled the site in early 2022 for about $930 million, buying multiple parcels once part of the former ABC television campus spanning 1.7 million square feet across West 66th and 67th streets.
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Why it matters
A construction loan this size, for a single condo tower, tests how far lenders will stretch for trophy Manhattan luxury supply. Extell has spent two decades building the city’s tallest and highest-priced residential addresses, and a record loan here would be a signal to the rest of the supertall pipeline that big banks still see depth in ultra-luxury buyer demand even as broader condo absorption has slowed in parts of the city. It would also reinforce JPMorgan’s continued appetite for marquee New York construction risk at a moment when other lenders have pulled back from large speculative condo towers.
The numbers
- Loan under discussion: approximately $3.8 billion, from JPMorgan Chase
- Building: 86 stories, nearly 1,200 feet tall
- Program: about 1.2 million square feet, 430 residential units, 25,000 square feet of retail, plus parking
- Site cost: approximately $930 million, paid by Extell in early 2022 for parcels totaling 1.7 million square feet
- Related financing: a $1.2 billion preferred-equity package tied to a broader slate of Extell projects
What’s next
The loan has not been finalized, and terms could still change before any closing. Extell has not disclosed a construction timeline or sales-launch date for 80 West 67th Street. The American Developer will track the New York market for confirmation of a signed loan agreement and for Extell’s next disclosures on pricing, unit mix, or a construction start date.
Quick answers
- What is the latest on 80 West 67th Street?
- JPMorgan is weighing a record ~$3.8B construction loan for Extell's 86-story, 1,200-foot supertall at 80 West 67th Street on the Upper West Side.
- Who is developing 80 West 67th Street?
- Extell Development, according to Bisnow.
- What are the key numbers for 80 West 67th Street?
- Construction loan JPMorgan is weighing: $3.8B; Stories in the proposed supertall: 86.
Sources
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