US·Refinancing·Mixed Use
Extell Development Lands $417M JPMorgan Loan for 570 Fifth Avenue Development
Value
$417M
Location
New York, New York County, New York
Date
2026-03-30
Companies
Extell Development, JPMorgan Chase, Simpson Thacher and Bartlett, IKEA, IGIS Asset Management
Extell Development secured a $417 million construction and development loan from JPMorgan Chase for its 570 Fifth Avenue project in Midtown Manhattan, replacing a $340 million prior loan from IGIS Asset Management. The site totals 752,759 buildable square feet and will deliver a 29-story KPF-designed office and retail tower by the end of 2028. Anchor tenants include law firm Simpson Thacher and Stratton (approximately 700,000 square feet) and IKEA, which also holds a one-third ownership stake and will occupy 80,000 square feet of retail.
constructionofficeretailmidtownmanhattankpfrefinancingdevelopment
Source
The Real Deal