- JPMorgan Chase is negotiating to lead roughly $3.8 billion in financing for Extell Development’s luxury condo tower planned on West 66th Street in Manhattan.
- Extell bought the former ABC headquarters site for $930 million in 2022 and has filed plans for a 1,200-foot tower designed by Robert A.M. Stern Architects.
- The talks show big banks are still willing to back ultra-luxury Manhattan condos at scale, despite community board pushback and a proposed tax on out-of-town owners.
JPMorgan Chase is in talks to lead a roughly $3.8 billion construction loan for Extell Development’s planned luxury condo tower on Manhattan’s Upper West Side, according to Bloomberg. The project would rise on West 66th Street, at the site that once housed the headquarters of the ABC television network.
If completed, the financing would rank among the largest construction loans ever made in the US. Representatives for Extell and JPMorgan declined to comment to Bloomberg, which cited people familiar with the talks.
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From Network HQ to Supertall
Extell, led by Gary Barnett, acquired the ABC site in 2022 for $930 million, funding the purchase with a loan from Guggenheim Partners. The developer began demolition in 2025 and filed plans for a 1,200-foot tower designed by Robert A.M. Stern Architects.
The project extends Barnett’s long bet on the very top of the New York market. Extell’s track record includes One57 and Central Park Tower, two supertall condo buildings that helped define the city’s modern luxury era.
The Details
Extell is seeking about $3.8 billion to build luxury condominiums on the West 66th Street parcel, with JPMorgan positioned to lead the deal. Bloomberg did not report pricing, structure, or whether other lenders would participate.
The project still faces local friction. The area’s community board has pressed Extell to commit to building affordable housing as part of the development.
Extell’s Construction Loan Streak
The talks follow closely on another big Extell financing. Earlier in September, the developer closed $1.25 billion to build the Torch, an 1,800-room hotel in Times Square.
Other outsized construction loans have surfaced in 2026 as well. Vornado CEO Steven Roth said earlier this year that he had lined up a $3.3 billion construction loan for a Park Avenue office tower.
JPMorgan has been active at the top of the market outside New York, too. The bank led a $2.8 billion financing for Cain’s Beverly Hills project combining a hotel and luxury residences, and the borrower also took out a $1.5 billion mezzanine loan.
Why It Matters
A loan of this size would signal that at least one major bank is willing to underwrite ultra-luxury condo risk in Manhattan at scale. Deals like this are rare, and they tend to set the tone for how lenders view the high end of the market.
The timing also matters for supply. Manhattan’s condo pipeline rebounds from a low base: the borough had just 2,800 new development units on the market at the end of August, the lowest total in 12 years, according to The Real Deal.
Policy risk remains a wildcard. Earlier in 2026, Mayor Zohran Mamdani proposed a new tax on out-of-town condo owners, a move that reignited fears the city could scare off wealthy homebuyers, according to Bloomberg.
What’s Next
Watch whether JPMorgan finalizes the loan and whether other lenders join the deal. Extell’s negotiations with the community board over affordable housing could also affect the project’s timeline.
If the financing closes near $3.8 billion, Extell will have lined up roughly $5 billion in construction capital across two Manhattan projects in a matter of weeks.
