The Real Deal New York

Barnett aiming for record $4.4B sellout at Nordstrom tower

$2.8B sale of the General Motors Building is the priciest to date

May 14, 2015 09:30AM

Official rendering of the Nordstrom Tower at 217 West 57th Street (credit: Extell) (inset: Gary Barnett)

Official rendering of the Nordstrom Tower at 217 West 57th Street (credit: New York YIMBY) (inset: Gary Barnett)

With the Nordstrom Tower, Gary Barnett is aiming to set the world record for priciest building ever sold — a total $4.4 billion sellout.

The figure was revealed in filings written in Hebrew on the Tel Aviv Stock Exchange — where Extell Development recently issued $300 million in debt — according to the Wall Street Journal. The building is referred to as “Central Park Tower” in the filings.

Extell plans to make about $4 billion from condo sales and $400 million from selling the base of the tower to Nordstrom. The projections are, of course, subject to market conditions.

If anywhere near $4.4 billion in sales is achieved, it would be the priciest sellout for a single building ever. The most expensive sale of a single building to date is $2.8 billion for the General Motors building to Boston Properties.

Vornado Realty Trust’s residential tower 220 Central Park South is hoping for a $2.7 billion sellout.

The profit from the newly dubbed Central Park Tower is also slated to be a massive $2 billion, compared to One57’s $1 billion. While Extell only owns 12 percent of One57, it owns 87 percent of the Central Park Tower site.

Recent reports said that the supertall tower at 217 West 57th Street could surpass 1 World Trade Center in height, but Barnett denied those claims. New York YIMBY first obtained the rendering of the project. [WSJ] — Tess Hofmann