Extell Development signs $417M refi with Chase for dev site in Midtown West

Extell Development through the entity 46/47 Owner LLC as borrower signed a refi loan with lender JPMorgan Chase valued at $417 million for 15 properties making up the development site (V1) at 576 Fifth Avenue in Midtown West, Manhattan.

For the tax lot buildings, one out of the 15 buildings received a initial certificate of occupancy in the last ten years. On these lots, there is one active new building construction project, M01093960, for a 752,759 square-foot building. The project was submitted by Extell Development and filed by David Rothstein with plans filed September 6, 2024 and permitted February 26, 2025.
The deal closed on March 20, 2026 and was recorded on March 26, 2026. The prior lender was IGIS Asset Management which held debt that had an original loan amount of $340 million.
The signatory for Extell Development was Marc Kwestel . The signatory for JPMorgan Chase was Simon B. Burce .

Prior sales, articles and revenue

Out of the 15 properties, one with a total of 125,558 square feet of built space generated revenue of $1.1 million per year.

The property

The development building in Midtown West has 125,558 square feet of built space and 458,038 square feet of additional air rights for a total buildable of 519,640 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 5,041 square feet. The zoning is C5-3 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $19.4 million. JPMorgan Chase on March 20, 2026 bought a loan with an original principal of $340 million from IGIS Asset Management signed by Jungkun Park, secured by 576 5th Avenue, 10 West 47th Street, 2 West 47th Street, 562 5th Avenue, 564 5th Avenue, 15 West 46th Street, 572 5th Avenue, 574 5th Avenue, 3 West 46th Street, 570 5th Avenue, 13 West 46th Street, 7 West 46th Street, 11 West 46th Street, 9 West 46th Street, and 5 West 46th Street, when owned by Extell Development .

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $11,250 in ECB penalties and $15,350 in OATH penalties in the last year.

The neighborhood

In Midtown West, The majority, or 75 percent of the 75.9 million square feet of commercial built space are office buildings, with hotel buildings next occupying 14 percent of the space. In sales, Midtown West has the 4th highest sale turnover among other neighborhoods in the city with $2.2 billion in sales volume in the last two years. For development, Midtown West is the most active neighborhood among other neighborhoods. It had 42.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 56 percent of the neighborhood’s built space.

The block

On the tax block of 576 5th Avenue, PincusCo has identified the owners of 32 of the 41 commercial properties representing 1,139,619 square feet of the 1,198,913 square feet. The largest owner is Northwood Investors, followed by Extell Development and then Alishaev Brothers.
On the tax block, there was one new building construction project filed totaling 752,759 square feet. It is a 752,759 square-foot 56 building submitted by Extell Development and filed by David Rothstein with plans filed September 6, 2024 and permitted February 26, 2025.

The majority, or 78 percent of the 1.2 million square feet of built space are office buildings, with hotel buildings next occupying 8 percent of the space.

The borrower

The PincusCo database currently indicates that Extell Development owned at least 69 commercial properties with 751 residential units in New York City with 2,950,328 square feet and a city-determined market value of $847 million. (Market value is typically about 50% of actual value.) The portfolio has $7.7 billion in debt, with top three lenders as Guggenheim Partners, Blackstone Group, and JVP Management respectively. Within the portfolio, the bulk, or 36 percent of the 2,950,328 square feet of built space are specialty properties, with elevator properties next occupying 21 percent of the space. They are all located in Manhattan.

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