By Guelda Voien 11/01/11 12:20pm

finance beat

The Site of North America's Tallest Building... Maybe.

Extell Closes on Construction Loan for What Will be Country's Tallest Residential Building

Extell closed on a $700 million construction loan from a tier one lender syndicate led by Bank of America and consisting of funds from Bank of America, Banco Santander S.A., Abu Dhabi International Bank, Capital One and the Bank of Nova Scotia for its massive mixed-use development at 157 West 57th Street.

Bank of America will act as administrative agent for the mammoth tower, known simply as One57, that is currently rising between Sixth and Seventh avenues, across the street from Carnegie Hall. Extell has had the site for years, said a spokesperson, but construction on the hulking residential asset only began this summer. Read More

By Elise Knutsen 10/28/11 1:18pm

Plot Twists

table

Extell's One57 Is Officially Out of Control

Woah, One57! Extell’s bombastic tower is already known for astronomical prices, including $98 million penthouses and a 

Not everyone is so sure that Extell will be able to sell units with their optimistic prices, however. “There’s nothing currently in the marketplace to substantiate those dollars” Jacqueline Urgo, the president of Marketing Directors told The Real Read More