Extell Secures US$1.13-Billion Loan To Build Manhattan Supertall

Extell Development founder and President Gary Barnett secured a US$1.13-billion construction loan from Tyko Capital to build a 74-story, 1,162-ft-tall supertall with 154 residences and 233,000 ft² of commercial space at 655 Madison Avenue in Midtown Manhattan, NY, The Real Deal New York reports. Involving a rezoning application for the 765,000-ft² structure, the plan secured the largest construction financing package in NYC in 2025. A rezoning application filed by Extell with the Department of City Planning in July doubled the original number of stories planned, with Barnett’s planned improvements to the Fifth Avenue/59^th Street subway station landing him an additional 130,000 ft² of space. Luxury fashion brand Chanel is reportedly in talks to buy 65,000 ft of retail space, and the entire supertall could be complete by 2031.