Developer Gary Barnett has entered negotiations with lenders for a $3.8 billion financing package to build a supertall residential tower on Manhattan’s Upper West Side, according to industry sources. If approved, this loan would become one of the largest ever secured for a single development, with JPMorgan Chase taking the lead role. Neither Extell Development, Barnett’s firm, nor the bank has provided public confirmation of the discussions.
The proposed tower at 80 West 67th Street, on the site of the former ABC headquarters, would reach 86 stories and 1,200 feet, incorporating 430 residential units alongside 25,000 square feet of retail. Extell submitted preliminary plans in April, advancing Barnett’s broader plan to transform the Disney/ABC campus—a property he purchased for $930 million in 2022 into a mixed-use development.
Barnett initially unveiled the supertall concept in May 2023, presenting it to Community Board 7 as a preemptive measure to head off potential legal opposition. At the time, he proposed including over 100 affordable units distributed across two smaller adjacent buildings. However, neighbors and Councilmember Gale Brewer insisted on a greater number of on-site affordable homes. Brewer said at the time that affordable housing needed to be a priority and required on-site inclusion.
The developer previously secured $900 million in acquisition financing for the campus, with Guggenheim Partners and Aquarian Holdings as key lenders. Barnett’s ability to secure massive loans has been demonstrated recently with the closing of a $1.25 billion construction package for The Torch, a Times Square supertall led by JPMorgan Chase, along with an additional $150 million mezzanine loan.
The 60-story The Torch in Times Square is currently two-thirds complete, featuring a 1,800-room hotel, 130,000 square feet of advertising space, and a 250-foot amusement ride. The rapid construction progress highlights Barnett’s capacity to deliver large-scale developments, though the Upper West Side project will undergo closer examination over its height restrictions, density levels, and affordable housing commitments.
