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- Development
- The Torch
- Value
- $1.3 Billion
- Location
- 740 Eighth Avenue, Times Square, Manhattan
Extell closed $1.25 billion in construction financing for The Torch in September. A $1.1 billion senior loan led by JPMorgan and a $150 million mezzanine loan. Roughly 40 of the tower's 60 levels are now complete, with topping out expected in 2027 and completion in the second half of 2028.
Currently the tallest building under construction in New York, the supertall has grown in scope as it climbs. The hotel will now total around 1,800 rooms, up from the 825 originally planned, making it one of the largest hotels in the city, topped by a public observation deck and a 250-foot drop ride. An international hotel brand has signed a 40-year franchise agreement, with the name yet to be announced.
The Team Behind the Build
| Developer | Extell |
| Design Architect | ODA |
| Architect of Record | SLCE Architects |
| General Contractor | Suffolk Construction |
| Senior Lender | JPMorganChase |
What It Means for Hiring
As The Torch rises over Times Square, it is easy to forget the people behind the build. The numerous individuals who spend months and years of their lives developing, designing, managing, and building our skylines often find themselves wondering what's next.
If this is you, feel free to get in touch.
Sources
- CRE Daily: Extell Lands $1.25B for Massive Times Square Hotel Tower
- Bisnow: Extell Arranges Nearly $1.3B for Hotel Supertall
- New York YIMBY: The Torch Reaches Halfway Point at 740 Eighth Avenue
- Dezeen: The Torch supertall skyscraper in New York
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