Extell Development has closed on a $425M construction loan to complete a mixed-use, 30-story tower at 1520 First Avenue on Manhattan's Upper East Side.
The developer plans to fill the new tower with a mix of medical and commercial office space—part of a growing district along York Avenue of major medical tenants, including some of the city's largest hospitals, expanding their office footprints to the north and to the south.
The tower is rising between East 80th and East 81st streets. The construction financing is being provided by a group of investors including InterVest Capital Partners, Rexmark, Pacific Western Bank and Harbor Group International.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
