NEW YORK | 740 Eighth Ave (Extell) | 1,029 FT | 60 FLOORS

[NYguy]

FAA study...

https://oeaaa.faa.gov/oeaaa/external/searchAction.jsp?action=displayOECase&oeCaseID=636243031&row=0

Structure Type: High Rise/Sky Scraper

Site Elevation: 43

Structure Height: 1067

[Zapatan]

^ Well according to the FAA website this is still ago, at least as of October.

Was worried about this one.

Proposed 1067 ft AGL building. Foundation has been poured and current estimated date structure will top out is December 31, 2026.

[NYguy]

^ They've been making changes to the design (added a few floors), but it's basically the same.

[Zapatan]

This was changed back to "proposed" on the diagrams, odd.

[NYguy]

This tower has undergone minor changes as it gears up to go vertical, though nothing to change the overall look of the building.


A few...

[ssh]

Is it supposed to say "33th" floor?

When can we expect some updated renderings?

[Zapatan]

Originally Posted by ssh

Is it supposed to say "33th" floor?

When can we expect some updated renderings?

Yea odd,

I hope we see some soon, that'll convince me this is actually getting built.

[NYguy]

Originally Posted by ssh

Is it supposed to say "33th" floor?

When can we expect some updated renderings?

At some point in the future, there will be more renderings, yes.

[NYguy]

Finally...


https://www.bisnow.com/new-york/news/hotel/extell-arranges-nearly-13b-for-hotel-supertall-128460

Extell Teeing Up $1.3B For 'The Torch' Supertall





March 12, 2025
Sasha Jones

Extell Development has lined up financing that could allow it to move forward on a supertall mixed-use hotel in the Theater District, equipped with an observation tower and high-elevation, 260-foot drop ride

Gary Barnett’s firm has entered into a memorandum of intent with an unnamed bank that would provide as much as $1.3B of financing, consisting of a senior construction loan and mezzanine debt, for the development of what has been dubbed “The Torch,” according to a Feb. 25 filing on the Tel Aviv Stock Exchange, obtained by Bisnow and translated via Google.

Additionally, the filing says that the company has signed a letter of intent with an unnamed hotel chain that would also help firm up the financing. The brand has agreed to invest in the project’s construction and provide a guarantee that might allow Extell to land an additional $150M mezzanine loan.

If Extell is able to secure the capital, it would fuel the construction of the 875K SF, 825-room hotel. Some work has already begun on the 1,067-foot-tall building that would tower over Times Square.

The company estimates that construction would take approximately 4.5 years and that the project would generate an annual net operating income of between $250M and $270M, according to the filing.

In addition to the hotel and ride, there are plans for an observation deck, VIP lounge and pool deck, and restaurant and retail space, according to previously reported filings.

The Department of Buildings has approved the thrill ride, but it has been a subject of debate between the Theater District community and Barnett, who has argued that such attractions are the future of New York City’s hospitality industry.

His push to get started on 740 Eighth Ave. is far from the only major project he has cooking in Manhattan. After purchasing the office tower at 655 Madison Ave. last year for $160M, Barnett paid $103M this week for three properties right next to it. Extell plans to tear down the buildings and build luxury condos on the Lenox Hill site, according to DOB filings.

[Busy Bee]

[BuildThemTaller]

Where's that poster that is obsessed with observation decks? THIS IS YOUR MOMENT! GET IN HERE!!!

[streetscaper]

Originally Posted by BuildThemTaller

Where's that poster that is obsessed with observation decks? THIS IS YOUR MOMENT! GET IN HERE!!!

[streetscaper]

Originally Posted by NYguy

Finally...


https://www.bisnow.com/new-york/news/hotel/extell-arranges-nearly-13b-for-hotel-supertall-128460

Extell Teeing Up $1.3B For 'The Torch' Supertall




March 12, 2025
Sasha Jones

I like this because it shows that banks are still willing to dole out some large financing packages in this uncertain economic environment. Bodes well for other large projects in the city looking for financing

[NYguy]

Originally Posted by Busy Bee

Somebody get Barnett’s face on this…



https://tenor.com/search/inevitable-gifs

[bdurk]

lol like someone else said, that guy who loves observation decks is gonna be stoked. i actually like this project. it's not too big and i think it provides a uniqueness in that area that isn't *too* ugly. it looks like it'll have a cool lighting scheme at night too

[NYguy]

^ It will be a sight on the skyline, but more importantly, the views (and thrills) from the top are something to look forward to.


https://therealdeal.com/new-york/2025/03/13/extell-scores-debt-deals-on-tel-aviv-stock-exchange/

Extell scores two massive debt deals for Manhattan trophy properties
Developer lands $1.3B financing for “Torch,” $270M refi for Central Park Tower





Holden Walter-Warner
March 13, 2025

Extell entered into a memorandum of intent with an unnamed bank to provide as much as $1.3 billion in financing for The Torch, a supertall mixed-use hotel at 740 Eighth Avenue in Times Square. The financing would include a senior construction loan and mezzanine debt, according to a Feb. 25 filing with the exchange and translated through Google.

Extell also signed a letter of intent with an unnamed hotel chain. The operator would invest in construction and provide a guarantee that could help Barnett secure another $150 million in mezzanine debt.

Work is already underway on the 1,067-foot-tall hotel, which will span 875,000 square feet and include 825 rooms. The most notable — and controversial — feature is a 300-foot transparent tube that will contain a drop ride, which has already passed the Department of Buildings’ muster.

Construction is expected to take four and a half years.

[mrnyc]

i was wondering about this — good news —

so its already active?

we’ll have to stop in the playright pub where you can go up on the roof deck and have a look down in the pit.

[Crawford]

Great news! This building is weird but I love observation decks, so excited to visit. And I'm looking forward to trying the ride.

If this is a success, I could see other hotel/thrill attraction combos in Times Square area. Eighth Ave. has some major potential development sites. We'll see.

[NYguy]

Originally Posted by mrnyc

i was wondering about this — good news —

so its already active?

we’ll have to stop in the playright pub where you can go up on the roof deck and have a look down in the pit.

Don't think they've restarted just yet.

Originally Posted by Crawford

Great news! This building is weird but I love observation decks, so excited to visit. And I'm looking forward to trying the ride.

If this is a success, I could see other hotel/thrill attraction combos in Times Square area. Eighth Ave. has some major potential development sites. We'll see.

This will be a great success. Still not sure if I will do the drop, but maybe the views from it will convince me.

[TREPYE]

Originally Posted by NYguy

Finally...


https://www.bisnow.com/new-york/news/hotel/extell-arranges-nearly-13b-for-hotel-supertall-128460

Extell Teeing Up $1.3B For 'The Torch' Supertall





March 12, 2025
Sasha Jones

This is probably the most significant and aesthetically-pleasant tower since 4 Times Square/Reuters Building which are great fits foe this important strech of NYC..... The Torch would have been perfect on the site of the Times Square Tower which is an awful design plopped on a very prominent part of Times Square. Nonetheless this should be a pretty cool development nearby.