Barnett aiming for record $4.4B sellout at Nordstrom tower

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

New York /
May.May 14, 2015 09:30 AM

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


Related Articles

arrow_forward_ios
One Manhattan Square Extell Development CEO Gary Barnett (Credit: Curbed NY)
Extell lands $690M refinancing package for One Manhattan Square
Extell lands $690M refinancing package for One Manhattan Square
Extell Development's Gary Barnett (Credit: Getty Images and iStock)
Chelsea residents paid Gary Barnett $11M to protect their views from a planned tower
Chelsea residents paid Gary Barnett $11M to protect their views from a planned tower
Central Park Tower
Extell just went public with Central Park Tower listings
Extell just went public with Central Park Tower listings
Extell's CEO Gary Barnett (Central Park Tower)
Barnett secures $380M mezz financing for Central Park Tower
Barnett secures $380M mezz financing for Central Park Tower
Extell CEO Gary Barnett pictured with One57. (Extell, One57)
One57 condo sells at record 51% loss
One57 condo sells at record 51% loss
Renderings of 1223 Spofford Avenue, Bronx, 153-10 88th Avenue, Queens and 1201 Spofford Avenue, Bronx (iStock, NYC Economic Development Corporation, Zara Realty)
The top 10 biggest real estate projects coming to NYC
The top 10 biggest real estate projects coming to NYC
Extell Development's Gary Barnett and Central Park Tower (Building photo via Central Park Tower)
Falling ice capades: Extell sued over icicles at Central Park Tower
Falling ice capades: Extell sued over icicles at Central Park Tower
Extell Development's Gary Barnett and 32 West 48th Street (Google Maps)
Extell makes its Diamond District hotel official
Extell makes its Diamond District hotel official
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...