The Real Deal New York

Sales officially launch at Central Park Tower

Developer Extell trying to sell 20 condos for more than $60M a piece
By E.B. Solomont | October 15, 2018 10:50AM

Central Park Tower at 217 West 57th Street

The most expensive condominium project in New York City history has officially launched sales.

In the announcement, Extell Development said it is marketing the units at Central Park Tower in-house, with closings expected in 2019.

At $4 billion, the condo building’s projected sellout is the biggest in New York City history. Starting on the 32nd floor, 179 condominiums will range in size from 1,435 square feet to 17,500 square feet. Twenty condos will ask more than $60 million a pop, including a $95 million penthouse according to the offering plan.

Ahead of today’s launch, Extell has been quietly showing units since receiving approval from New York’s Attorney General in May 2017.

Earlier this year, it hosted an event for brokers at the sales gallery.

Under terms of its $1.14 billion in financing, Extell must sell $500 million worth of units in three years.

At 1,550 feet, the glass-and-steel tower is the tallest residential building in the U.S. Designed by Adrian Smith + Gordon Gill Architecture — which also designed Jeddah Tower in Saudi Arabia — it rises 300 feet above street level, towering above its peers including 111 West 57th Street (1,428 feet) and 432 Park Avenue (1,396).

A kitchen interior of Central Park Tower

Residents will have access to Central Park Club, a 50,000-square-foot amenity space spread across three floors. The 14th floor will house billiards, a screening room and a 15,000-square-foot outdoor terrace with a 60-foot pool, cabanas and bar. The 16th floor will house an indoor pool, basketball court, squash court and gym. Extell is waiting to disclose plans for amenity space on the 100th floor — though the offering plan describes a grand ballroom.

In December, Extell closed on $1.14 billion in financing for the tower. Other financing includes EB-5 funds, a $300 million equity investment from SMI USA, the U.S. subsidiary of Shanghai Municipal Investment, and $400 million from Nordstrom, which is building a seven-story, 320,000-square-foot flagship at the tower’s base.

Extell has been searching for a new director of sales since Anna Zarro left in the summer to launch her own real estate consulting firm.