Posted Jun 17, 2026, 11:07 AM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 56,982
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This has been translated through AI, so don’t read too much into the numbers….
https://www.mk.co.kr/en/world/12076582
LIM Sunghyun
Maeil Business
2026-06-17
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One Vanderbilt, Central Park Tower, JPMorgan New HQ. Another record will be engraved on Manhattan's (skyline)…… The 570 building, which will be built on Avenue 5, is currently under construction on the site, and the project cost alone is worth a whopping $4 billion (about 6 trillion won). It is a project to develop an entire block of 46th to 47th streets in Manhattan into an office and retail building with more than 90 floors.
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In particular, Korean-American co-CEO Andrew Chung of Extel is leading the bid to attract additional investment and complete it in 2030. In a recent Maeil Business interview, CEO Chung said, "We will establish ourselves as a top-notch commercial building representing Manhattan."
More than half of the 90-story building's office space has already been pre-sold by Simpson Thatcher and Bartlett, a large global law firm. CEO Chung said, "Simpson Thatcher leased 60% of the total office for 27 years,"
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Extel is currently raising the remaining $600 million of its $4 billion business expenses. CEO Chung said, "We want to lead cooperation between the development capabilities of Extel and Asian capital." In addition to CEO Jeong, Extel recruited Kevin Kim, who served as the director of New York City's Small and Medium Business Bureau, to form an Asian team. CEO Chung said, "We are currently in discussions with the National Pension Service, the Teachers' Credit Union, and the Korea Investment Corporation to attract investment."
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“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
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