The Real Deal New York

Revealed: Inside Gary Barnett’s $4B tower

The priciest unit is a $95M penthouse with a pool, but what's not for sale is even more interesting
By E.B. Solomont | July 07, 2017 08:00AM

Gary Barnett and a rendering of Central Park Tower at 217 West 57th Street

On the 100th floor of the most expensive residential building ever planned in New York City, 126 captains of the universe can waltz in the grand ballroom and gaze down upon Central Park. The amenity is a key weapon in Gary Barnett’s quest to woo the world’s wealthiest figures to the most ambitious condominium project in the country, the $4 billion Central Park Tower TRData LogoTINY.

Now that Barnett’s Extell Development is finalizing a $900 million construction loan for the project at 217 West 57th Street, The Real Deal decided to take a closer look at what he’s got in store for it. We got our hands on an offering plan Extell filed with the New York Attorney General’s office, and it shows that a staggering 20 of the 179 condominiums at the building will be priced at $60 million or above.

Floor plans for Central Park Tower’s 53rd floor (Click to enlarge)

The priciest, Unit 53, a four-bedroom, 7,984-square-foot apartment, is asking $95 million. The pad comes with a 2,000-square-foot terrace, a private elevator lobby and an outdoor pool. The cheapest listed apartment in the building is a studio that measures just 569 square feet, but comes with a big price tag — $1.542 million, or $2,710 per square foot.

Floor plans for Central Park Tower’s Residence B on the 39th floor
(Click to enlarge)

According to a TRD analysis of the offering plan, at least 26 of the units are priced over $9,000 a square foot. They include Unit 39B, a 7,587-square-foot spread that features a 1,956-square-foot terrace. It’s asking $75 million, or $9,885 per square foot. The most luxurious units will have white oak floors as well as appliances from Miele and Sub Zero, according to the offering plan.

Of the units listed for sale, the average price per square foot is $7,106, according to the offering plan. By comparison, 220 Central Park South’s average price per foot was $7,374 when it launched sales in 2015 and 432 Park Avenue asked an average of $6,894 per foot in 2014.

Much like Steve Roth has done at 220 CPS, Extell is keeping three units at the tower unlisted. The units, all accessible via private elevators, are massive. Unit 107, a duplex with seven bedrooms, spans 11,823 square feet and has a 240-square-foot terrace, while Unit 127, an eight-bedroom duplex with 10,822 square feet, has a 713-square-foot private elevator lobby.

Floor plans for Central Park Tower’s 129th floor penthouse (Click to enlarge)

And the top penthouse, Unit 129, is a palatial 15,898 square feet with seven bedrooms, a terrace spanning 1,433 square feet and a 1,647-square-foot private elevator lobby. The aerie — complete with a media room, library, observatory, grand salon, gym and private ballroom (measuring 58 feet by 35 feet) — has no price tag. But the projected annual carrying costs alone are $925,909.

Floor plans for Central Park Tower’s residential amenities on the 14th and 100th floors (Click to enlarge)

Central Park Tower’s amenities will be spread over three floors — including the 100th floor, which will house a grand ballroom with seating for 126, a cigar bar and private dining room. The 14th floor’s “Central Park Club” features a resident’s lounge with a screening room, conference room, play area, tween lounge — seriously — and locker rooms. A landscaped terrace, accented with limestone and timber, will have a 60-foot pool, central lawn and two gardens. The 16th floor will house a 63-foot indoor pool, exercise room, spa and children’s playroom.

At more than $4 billion, Central Park Tower, which has a seven-level flagship Nordstrom’s store at the base, is the priciest condo development ever attempted in the city. After a grueling 18-month search for financing, Barnett signed a term sheet for a $900 million construction loan from JPMorgan Chase. In March, he described a loan of that size as “very conservative.” The capital stack at Central Park Tower also includes equity from Chinese investor SMI USA and funding from EB-5 investors.

The condo will also have 103 storage units priced between $85,000 for 26 square feet and $300,000 for 77 square feet. For the first year of operations, Extell is projecting $11 million in expenses, including $800,000 to run the building’s facilities and $375,000 to run the dining service. Another $3.6 million will go to payroll for 19 staffers, including a resident manager, doorman, hallman, package room attendant, four handymen, two concierges, and nine porters.

UnitBeds/Bath/Half bathsSize (Square feet)Asking pricePrice per square foot
32A3/3/1
2,439$9,500,000$3,895
32B3/3/1
2,649$14,000,000$5,285
32C3/3/12,494$13,500,000$5,413
32D3/3/12,579$8,000,000$3,102
33A3/3/12,439$9,583,000$3,929
33B3/3/12,649$14,181,000$5,353
33C3/3/12,494$13,561,000$5,437
33D2/2/11,897$6,500,000$3,426
33E0/1/0569$1,542,000$2,710
33F2/2/12,114$6,900,000$3,264
34A3/3/12,439$9,667,000$3,964
34B3/3/1
2,649$14,363,000$5,422
34C3/3/12,494$13,623,000$5,462
34D2/2/11,897$6,600,000$3,479
34E0/1/0569$1,570,000$2,759
34F2/2/1
2,114$7,150,000$3,382
35A3/3/12,439$9,750,000$3,998
35B3/3/12,649$14,545,000$5,491
35C3/3/12,478$13,685,000$5,523
35D2/2/11,913$6,700,000$3,502
35E0/1/0569$1,600,000$2,812
35F2/2/12,114$7,400,000$3,500
36A3/3/12,439$9,833,000$4,032
36B3/3/12,649$14,727,000$5,559
36C3/3/12,478$13,747,000$5,548
36D2/2/11,886$6,800,000$3,606
36E0/1/0575$1,641,000$2,854
36F2/2/12,134$7,650,000$3,585
37A3/3/12,439$9,916,000$4,066
37B3/3/12,649$14,909,000$5,628
37C3/3/12,478$13,809,000$5,573
37D2/2/11,886$6,900,000$3,659
37E0/1/0575$1,670,000$2,904
37F2/2/12,134$7,900,000$3,702
38A3/3/12439,$10,000,000$4,100
38B3/3/12,649$15,654,000$5,909
38C3/3/12,478$14,500,000$5,851
38D2/2/11,886$7,245,000$3,841
38E0/1/0567$1,753,000$3,092
38F2/2/12,141$8,300,000$3,877
39A3/3/12,439$10,083,000$4,134
39B5/5/27,587$75,000,000$9,885
43A3/3/12,439$10,166,000$4,168
43B3/3/12,640$15,272,000$5,785
43C3/3/13,401$17,500,000$5,146
43D1/1/1
1,508$4,000,000$2,653
45A3/3/12,439$10,250,000$4,203
45B3/3/12,640$15,454,000$5,854
45C3/3/13,401$17,750,000$5,219
45D1/1/11,508$4,125,000$2,735
46A3/3/12,439$10,333,000$4,237
46B3/3/12,640$15,636,000$5,923
46C3/3/13,401$18,000,000$5,293
46D1/1/11,508$4,250,000$2,818
47A3/3/12,439$10,416,000$4,271
47B3/3/12,640$15,818,000$5,992
47C3/3/13,401$18,250,000$5,366
47D1/1/11,508$4,375,000$2,901
48A3/3/12,439$10,500,000$4,305
48B3/3/12,640$16,000,000$6,061
48C3/3/13,401$18,500,000$5,440
48D1/1/11,508$4,500,000$2,984
49A3/3/12,439$11,024,000$4,520
49B3/3/12,640$16,800,000$6,364
49C3/3/13,401$19,425,000$5,712
49D1/1/11,508$4,725,000$3,133
534/5/17,984$95,000,000$11,899
54W3/3/13,165$17,500,000$5,529
54N2/2/11,435$8,500,000$5,923
54E3/3/13,364$20,500,000$6,094
55W3/3/13,165$17,700,000$5,592
55N2/2/11,435$8,600,000$5,993
55E3/3/13,364$20,766,000$6,173
56W3/3/13,165$17,900,000$5,656
56N2/2/11,435$8,700,000$6,063
56E3/3/13,364$21,033,000$6,252
57W3/3/13,165$18,100,000$5,719
57N2/2/11,435$8,800,000$6,132
57E3/3/13,364$21,300,000$6,332
58W3/3/13,165$18,300,000$5,782
58N2/2/11,435$8,900,000$6,202
58E3/3/13,364$21,566,000$6,411
59W3/3/13,165$18,500,000$5,845
59N2/2/11,435$9,000,000$6,272
59E3/3/13,364$21,833,000$6,490
60W3/3/13,165$18,700,000$5,908
60N2/2/11,435$9,100,000$6,341
60E3/3/13,364$22,100,000$6,570
61W3/3/13,165$18,900,000$5,972
61N2/2/11,435$9,200,000$6,411
61E3/3/13,364$22,366,000$6,649
62W3/3/13,165$19,100,000$6,035
62N2/2/11,435$9,300,000$6,481
62E3/3/13,364$22,633,000$6,728
63W3/3/13,165$19,300,000$6,098
63N2/2/11,435$9,400,000$6,551
63E3/3/13,364$22,900,000$6,807
64W3/3/13,165$19,500,000$6,161
64N2/2/11,435$9,500,000$6,620
64E3/3/13,364$23,166,000$6,886
65W3/3/13,165$19,700,000$6,224
65N2/2/11,435$9,600,000$6,690
65E3/3/13,364$23,433,000$6,966
66W3/3/13,165$21,890,000$6,916
66N2/2/11,435$10,670,000$7,436
66E3/3/13,364$26,070,000$7,750
67W3/3/13,165$20,100,000$6,351
67N2/2/11,435$9,800,000$6,829
67E3/3/13,364$23,966,000$7,124
78W3/3/13,165$20,909,000$6,606
68N2/2/11,435$10,197,000$7,106
68E3/3/13,364$24,960,000$7,420
69W3/3/13,165$20,500,000$6,477
69N2/2/11,435$10,000,000$6,969
69E3/3/13,364$24,500,000$7,283
70W3/3/13,165$21,525,000$6,801
70N2/2/11,435$10,500,000$7,317
70E3/3/13,364$25,725,000$7,647
77W3/3/13,073$22,500,000$7,322
77E4/4/14,251$37,500,000$8,821
78W3/3/13,073$16,500,000$5,369
78E4/4/14,251$32,500,000$7,645
79W3/3/13,073$16,617,000$5,407
79E4/4/14,251$32,800,000$7,716
80W3/3/13,073$16,735,000$5,446
80E4/4/14,251$33,088,000$7,784
81W3/3/13,073$16,852,000$5,484
81E4/4/14,251$33,382,000$7,853
82W3/3/13,073$16,970,000$5,523
82E4/4/14,251$33,676,000$7,922
83W3/3/13,073$17,088,000$5,561
83E4/4/14,251$33,970,000$7,991
84W3/3/13,073$17,205,000$5,599
84E4/4/14,251$34,264,000$8,060
85W3/3/13,073$17,323,000$5,637
85E4/4/14,251$34,558,000$8,129
86W3/3/13,073$18,836,000$6,130
86E4/4/14,251$37,641,000$8,855
87W3/3/13,073$18,436,000$5,999
87E4/4/14,251$36,904,000$8,681
88W3/3/13,073$20,327,000$6,615
88E4/4/14,251$40,757,000$9,588
89W3/3/13,073$18,683,000$6,080
89E4/4/14,251$37,522,000$8,827
90W3/3/13,073$18,807,000$6,120
90E4/4/14,251$37,830,000$8,899
91W3/3/13,073$18,930,000$6,160
91E4/1/14,251$38,140,000$8,972
92W3/3/13,073$19,054,000$6,200
92E4/4/14,251$38,448,000$9,044
93W3/3/13,073$19,177,000$6,240
93E4/4/14,251$38,757,000$9,117
94W3/3/13,073$19,301,000$6,281
94E4/4/14,251$39,066,000$9,190
95W3/3/13,073$19,424,000$6,321
95E4/4/14,251$39,375,000$9,263
96W3/3/13,073$20,400,000$6,638
96E4/4/14,251$41,343,000$9,725
1077/8/211,823NA
1095/5/16,700$78,100,000$11,657
1105/5/16,700$62,500,000$9,328
1115/5/16,700$62,750,000$9,366
1125/5/16,700$63,000,000$9,403
1135/5/16,700$63,250,000$9,440
1145/5/16,700$63,500,000$9,478
1155/5/16,700$63,750,000$9,515
1165/5/16,700$64,000,000$9,552
1175/5/16,700$64,250,000$9,590
1185/5/16,700$64,500,000$9,627
1195/5/16,700$64,750,000$9,664
1205/5/16,700$65,000,000$9,701
1215/5/16,700$65,250,000$9,739
1225/5/16,700$65,500,000$9,776
1235/5/16,700$65,750,000$9,813
1245/5/16,700$66,000,000$9,851
1255/5/16,700$66,250,000$9,888
1265/5/16,700$75,000,000$11,194
1278/9/110,822NANA
PH1297/8/315,898NANA