search

The Real Deal Logo

Trending

Marty Burger’s new venture sputters on takeoffMarty Burger’s new venture sputters on takeoffEvictions surge at Hialeah’s luxury apartment projects Shoma Village, Pura Vida and ManorEvictions surge at Hialeah’s luxury apartment projects Shoma Village, Pura Vida and ManorLawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421aHow NYC fits into the broker commission battleHow NYC fits into the broker commission battle
Popular
New York

Views from Central Park Tower’s topping out

Extell’s $4B condo project is the tallest residential tower in the world

It takes four minutes and 35 seconds for a construction elevator to reach the top of Central Park Tower.

The condo project — the tallest residential building in the world at 1,550 feet — topped out Tuesday, 15 years after Extell Development started assembling the site.

“We’ve got unimpeded views in all directions; nobody is blocking our views,” chairman Gary Barnett told a crowd that gathered to see the views from the 107th floor. An audible gasp could be heard as 16-foot curtains dropped to reveal double-height windows with 360-degree views.

Sign Up for the undefined Newsletter

With a sellout of $4 billion, CPT is one of the developer’s most ambitious projects to date, and Barnett acknowledged an oversupply of luxury inventory on the market. He said prices are 15 percent to 20 percent below those at 220 Central Park South next door.

“We have to be flexible when we’re selling really large units,” he said. “It’s a more challenging market for sales.”

READ MORE:
Extell goes public with Central Park Tower listings

Revealed: Inside Gary Barnett’s $4B Billionaires’ Row project