Extell plans tallest residential building in city

A rendering of the project and Barnett

Extell Development is set to break ground on a $1.3 billion skyscraper, according to the New York Times. The 1,005-foot-tall Building On 57th Street near Seventh Avenue will become the tallest residential building in the city, surpassing the 861-foot-tall Trump World Tower. A 210-room Park Hyatt is slated to occupy the first 20 floors of the building, while the rest of the tower will contain 136 high-end apartments. The development will mark the first large-scale construction start the city has seen since Lehman collapsed in September 2008. Barnett said that he expects the development’s units to sell in the price range of those at 15 Central Park West, where apartments have closed for upwards of $6,500 per square foot. [NYT]