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Rendering of Extell s Central Park Tower and Gary 阿拉爱上海同城
New York City now officially has a $4 billion condo project.
Central Park Tower, the most expensive condominium project in the city s history, can now launch sales, after Extell Development s offering plan was approved by the New York State Attorney General s office.
The tower at 217 West 57th Street, designed by Adrian Smith + Gordon Gill, will feature 179 uber-luxury apartments, with a total target sellout of $4.02 billion. That puts the average unit price at just under $22.5 million, twice as much as the average sales price for an apartment in the top 10 percent of the market, according to Miller Samuel data.
Prior to Central Park Tower, the most expensive offering plan ever accepted was Vornado Realty Trust s 220 Central Park South. With a $3.4 billion projected sellout, that project was accepted in March of 2015 and a duplex there recently hit the market priced at more than $10,000 per square foot. Hedge fund mogul Ken Griffin is reportedly in contract to buy a spread there for north of $200 million.
A spokesperson for Extell, which is led by Gary Barnett, did not immediately respond to a request for comment.
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Lenders on the project include Blackstone, JPMorgan Chase and Fortress Investment Group.
Central Park Tower s $4 billion target sellout is $1.3 billion more than the price tag of Barnett s other luxury supertall, One57, where a penthouse sold for $100.5 million in December 2014.
In March, Curbed reported that construction workers began applying a wavy facade to Central Park Tower s first seven stories. In a call with investors that month, Barnett announced that he had secured $168 million in EB-5 visa funding, had already spentclose to $1 billion on acquisition, construction and financing costs, and also announced that the residential portion of the tower would be ready for move in in 2020.
Extell is still in the market for a $900 million construction loan at the project.
Tags: Central Park Tower, Commercial Real Estate, Development, extell development, gary barnett, nordstrom tower, Residential Real Estate We are having some technical difficulties. Try again later.
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