Extell Development secured $340 million to refinance its 78-story supertall project at 570 Fifth Avenue. The upcoming glass skyscraper will feature over 1 million square feet, including green spaces, residences, Class A offices, and ground-floor retail. South Korea’s IGIS Asset Management provided the refinancing with $9.3 million in new debt, acquiring the remaining $185 million balance from JP Morgan Chase’s 2020 loan. Extell purchased the site from SL Green Realty in 2015 for $125.4 million. Ingka, Ikea’s largest franchisee, leased one-third of the ground floor. The project, initially planned with hotel-residential units, is set for completion in 2028.
570 Fifth Avenue
