403 East 79th Street Update 10/31/22

Extell Secures $425M for Yorkville Hospital Project

has obtained a $425 million loan for a 30-story commercial tower, going up at 403 East 79th Street in Manhattan's Yorkville neighborhood.

Financing was secured in a 4-way consortium, jointly led by InterVest Capital Partners and Rexmark, with additional contributions coming from Pacific Western Bank, and Harbor Group International. This influx of capital will be used to fund construction from start to finish.

This summer, general contractor, , started excavation work at the project site. The tower is set to contain roughly square feet of office space. The Hospital for Special Surgery, which specializes in musculoskeletal health, will occupy the first 8-floors of the building and has already agreed to lease approximately 196,000 square feet of floor space.

It took Extell several years to accumulate the 10-parcels that make up the project site. Designed by , 403 East 79th Street will stand feet tall and total a little over square feet. Construction is expected to take until the end of 2024.

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