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World’s tallest residential building is one step closer to completion

12-Jan-2018


Beckie Strum, Mansion Global

 

Luxury condo developer Extell is one-step closer to delivering the tallest residential building in the world in Manhattan, announcing Tuesday it had secured the final piece of its financing puzzle.

The developers behind Central Park Tower—that will soar 1,550 feet high and is named after New York City’s iconic park, which it borders—have closed on a $1.135 billion financing package. J.P. Morgan led a $900 million senior construction loan syndication, while an unnamed hedge fund added another $235 million in preferred equity, according to the developer.

The planned super-luxury tower at the corner of West 57th Street and Columbus Circle is breaking more than one record. At the moment, it’s the most expensive condo project in New York City history at more than $4 billion.

Sales will begin this year with prices averaging over $7,000 per square foot. And despite the tower’s massive height, Extell has planned to construct 179 units—putting the average price per unit at around $22 million, Mansion Global previously reported.

The building, which is being marketed as 131 floors, joined other behemoth luxury buildings on what is known as Billionaire’s Row, including Extell’s other development One57. It’s expected to be completed in 2019.

Central Park Tower will also boast the highest-elevated private club in the city.

The building designed by Adrian Smith + Gordon Gill Architecture will surpass supertall towers like Dubai’s dizzying Burj Khalifa and Kingdom Tower in Saudi Arabia.

“New York City has never known a supertall tower of this caliber and we are pleased to have our institutional partners on board to deliver a product that will be truly exceptional,” said Gary Barnett, president and founder of Extell Development Company, which is co-developing the building with SMI USA, the U.S. subsidiary of Shanghai Municipal Investment.

The tower will include a seven-story retail base, including the first flagship store for Seattle-based retailer Nordstrom.


Mansion Global
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