The Extell Development Corporation is taking it to a new level when it comes to raising money for charity.
A source recently told The Observer that the real estate development firm is sponsoring The Extell Wall Street Boxing Charity Championship, a series of boxing matches this fall that will pit various finance types against one another. Each fight, sponsored in conjunction with DoubleDown Media, will benefit a different charity.
While anybody in the financial world is eligible to fight, the source noted that a number of the big brokerage firms are sending representatives, including Bear Stearns, Lehman Brothers, Goldman Sachs, and JP Morgan. And it seems like the matches are not limited to those lowest on the totem pole.
“There are a good number of VPs, and even a managing director who is taking part,” the source said. “A couple of them don’t weigh that much, though. There is one guy listed at 130 pounds who could get pummeled.”
The fights will take place at different venues around the city and the weigh-ins will be held at various Extell properties. An announcement about the event is expected on Tuesday at the New York Mercantile Exchange.