Central Park Tower condo sells for half its asking price

Sponsor unit at Extell skyscraper was asking $95M, but sold for just $50M, records show

New York /
Sep.September 30, 2021 02:50 PM
Extell's Gary Barnett and Central Park Tower

Extell’s Gary Barnett and Central Park Tower

A price chop this big might cast some doubts on the world’s tallest residential tower.

Gary Barnett’s Extell Development has sold a sponsor unit at its Central Park Tower at 217 West 57th Street for nearly 50 percent below its original asking price, property records show.

The unit, a four-bedroom, 7,984-square-foot condominium, was originally asking $95 million. It went into contract in June and sold for $49.7 million when the deal closed this month.

“The unit sold for approximately $7,000/psf and although the buyer got a great deal, we were not unhappy with the price,” an Extell spokesperson told The Real Deal.

The developer tapped Corcoran Sunshine Marketing Group in October 2020 to work with its sales team as co-exclusive brokers for the building. The unnamed buyer who landed the massive discount concealed its identity with an LLC.

The full-floor residence was once the building’s priciest listing, with a 2,000-square-foot terrace and an outdoor pool. It has since been upstaged by an 11,535-square-foot duplex that hit the market in August asking $150 million.

The tower, which rises 1,550 feet above Midtown Manhattan, launched sales in 2018 with closings beginning in February of this year. It has a projected sellout of $4 billion, making it the most expensive condo project in the city.

Barnett secured $1.1 billion in financing for the project in early 2018, including a $900 million construction loan led by JPMorgan Chase. He also landed $380 million in bridge financing for the tower earlier this year.





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