Extell brings on Corcoran Sunshine to help market Central Park Tower

Financing deal requires $500M worth of units to be in contract by December

New York /
Oct.October 21, 2020 05:31 PM
217 West 57th Street with Extell Developement's Gary Barnett and Corcoran's Pamela Liebman (Photos via Extell; Barnett via Anuja Shakya)

217 West 57th Street with Extell Developement’s Gary Barnett and Corcoran’s Pamela Liebman (Photos via Extell; Barnett via Anuja Shakya)

When it launched sales in 2018, Extell Development’s Central Park Tower was the most expensive condominium project in the city’s history.

Two years later, the developer has announced a shake up of its sales team in the midst of a pandemic that has battered the city’s luxury condo market.

In a statement Wednesday, Extell said Corcoran Sunshine Marketing Group would join the developer’s in-house sales team as co-exclusive brokers at the skyscraper at 217 West 57th Street.

“We have a long-standing and successful relationship with Corcoran,” Extell chairman Gary Barnett said in a statement, adding that together they would take a “fresh look” at how to market the under-construction tower.

“Now that it is nearly complete, we will have new model residences, new listings, and exceptional pricing for today’s market,” Barnett said.

Extell closed on $1.14 billion in financing for the tower in December 2017. Under the deal, the developer is required to have $500 million worth of units in contract by this December, according to filings with the Tel Aviv Stock Exchange.

A representative for the developer did not respond to questions from TRD about contract volume to date — developers are not required to report such figures publicly — but Extell said in a statement that closings are expected to begin by the end of the year.

The 1,550-foot-tall building topped out last fall and has a projected sellout of $4 billion. Units range in size from two bedrooms to eight bedrooms, Extell said. Active listings include a full-floor unit asking $65.5 million and a three-bedroom priced at $8.5 million.

The base of the building is used as retail space by Nordstrom, which opened site last year. Records filed on the Department of Buildings’ website show that a temporary certificate of occupancy has been issued for the retail space, but not for the residential units.





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