Extell’s 655 Madison Ready to Rise With $1.13B Loan From Tyko Capital
Chanel bought the tower's retail podium and will also utilize some of its office space
By Cathy Cunningham December 16, 2025 8:00 am
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The year may be drawing to a close, but the deals just keep on closing — including New York City’s biggest construction loan of the year, no less.
Gary Barnett’s Extell Development just sealed a mammoth construction loan for its new supertall skyscraper at 655 Madison Avenue, Commercial Observer has learned.
Tyko Capital is the lender behind the $1.13 billion financing that closed Dec. 15, sources said. The deal was direct, with no brokers involved.
Rising 74 stories and designed by Beyer Blinder Belle, 655 Madison Avenue will span 764,698 square feet and feature condo units in the upper floors, a retail podium at its base, and office floors in between.
Luxury fashion house Chanel will house its new retail flagship at the building’s base and also have offices in the building, sources said. The company struck a deal to acquire roughly 65,000 square feet of space in total for around $450 million earlier this year, following in the footsteps of other brands who snapped up New York City real estate in the past few years instead of renting it.
An increasingly prolific lender in both Florida and New York City, Adi Chugh’s Tyko Capital is no stranger to 655 Madison Avenue, having also provided $150 million in acquisition financing for Extell’s 2024 purchase of the site — at the time, a vacant 25-story office building.
Now, the recent whole loan is icing on the cake and rounding out the year as the very biggest of its kind. Not a bad way to end 2025.
Tyko declined to comment. Extell didn’t immediately return a request for comment.
Cathy Cunningham can be reached at ccunningham@commercialobserver.com.
