The Real Deal New York

First look inside Extell’s Central Park Tower sales gallery

$4B condo tower has a $95M penthouse
By E.B. Solomont | January 04, 2018 08:30AM

Extell Development has kept details about Central Park Tower close to the vest. But images of the $4 billion condominium’s lavish finishes have started to trickle out, courtesy of a party the developer threw for brokers late last year.

The pictures, shared with The Real Deal by a tipster, show hammered steel kitchen cabinets, brass faucets and gray marble bathrooms flecked with white. Brokers who’ve already taken clients to the building say buyers can choose from light or dark finishes in the bathrooms and kitchen.

Extell declined to comment on the images, which are the first depicting the project’s sales gallery.

The Gary Barnett-led firm rang in 2018 by sewing up $1.14 billion in construction financing for the project from a consortium led by JPMorgan Chase, as TRD first reported. On Wednesday morning, the site at 217 West 57th Street was buzzing as construction workers milled about on foot and trucks laden with hoists idled on 57th Street.

Extell is projecting a sellout of just over $4 billion for Central Park Tower’s 179 units — 20 of which will ask $60 million or more — according to the offering plan which was approved by the New York Attorney General last May. Prices range from $1.5 million for a 569-square-foot studio to $95 million for a penthouse spanning 7,984 square feet. Three penthouses, the largest of which spans 15,898 square feet, were not listed for sale in the offering plan.

The building is being marketed in-house by Jason Karadus, an alum of Town Residential who jumped to Brown Harris Stevens in 2016.  He joined Extell in August, according to his LinkedIn profile.

Although sales haven’t officially launched, brokers familiar with the project said Extell has been quietly marketing the condos to friends and family in recent months. Barnett’s firm invited agents on Nov. 16 to the project’s sales gallery at 147 West 57th Street — a retail space adjacent to One57, where the developer sold a record-breaking penthouse for $100.45 million.

“We are completely in love with the project,” said Brenda Powers of Sotheby’s International Realty, who attended the soiree.

Another broker who went the party said it was a throwback to the heyday of the city’s condo boom, with touches like hand-rolled cigars and wait staff passing out Manhattans and Old-Fashioneds.

“It made you feel like, ‘Oh good, there’s a little bit of extravagance,’” the agent said.

Hiten Samtani contributed reporting.