Extell Secures $1.25 Billion for The Torch Tower
The 60-story Manhattan project at 740 Eighth Avenue is backed by a JP Morgan-led construction loan and anchored by a new Hyatt hotel brand.
Updated on Nov. 15, 2026 in Commercial
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Extell Development Company secured $1.25 billion in financing for The Torch, a 60-story tower at 740 Eighth Avenue in Manhattan. The company also signed StandardX, a new Hyatt brand, as the hotel anchor with 1,800 rooms.
Why it matters
The financing and hotel commitment move a large Midtown tower toward its scheduled 2028 completion, adding significant hotel and residential capacity to New York City's commercial real estate market. Extell's continued land and air-rights acquisitions across Manhattan signal sustained developer activity in the city.
The Torch's $1.25 billion financing includes a $1.1 billion construction loan, and the 60-story, 1,067-foot tower will house a 1,800-room StandardX hotel. Details on the project's non-hotel components and any changes to the 2028 completion target were not reported.
The players
Extell Development Company
Extell is a New York City real estate developer that builds and owns its finished projects outright, often alongside partners.
Gary Barnett
Gary Barnett is the longtime head of Extell Development Company, known for leading the firm's large Manhattan projects.
The details
Extell also bought several Manhattan properties recently, including 576 Fifth Avenue for $175 million, 1190 Sixth Avenue for $18 million, and the 1645 First Avenue tenement for $27.9 million. The company additionally acquired air rights at 34 and 36 East 61st Street for $34.9 million and obtained a zoning bonus for a planned project at the former Wellington Hotel site on Seventh Avenue.
Timeline
March 2025: Extell paid $175 million for 576 Fifth Avenue.
Two weeks before publication: Extell bought 1190 Sixth Avenue and 1645 First Avenue.
2028: The Torch is scheduled for completion.
Roadmap
The Torch continues Extell's run of large Midtown supertall projects, including its planned mixed-use tower at 655 Madison Avenue and its Upper West Side site at 77 West 67th Street. The pattern shows the developer consolidating multiple sites into a broader Manhattan build-out rather than isolated projects.
For New Yorkers, the project adds a 1,800-room hotel and a 60-story tower to Midtown's skyline, which can affect nearby hotel rates and street-level traffic during construction. Residents and businesses near 740 Eighth Avenue should watch for construction activity ahead of the 2028 completion.
The takeaway
Large commercial projects like The Torch are financed through layered loans and developer equity long before they open, so the 2028 timeline depends on sustained construction financing. Readers tracking Manhattan real estate can use these financing and hotel-anchor announcements as early signals of which districts are attracting new supply.
Further reading
Explore more on Commercial real estate developments across New York City.
Source note: This article includes information reported by New York Post.
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