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Another $50M sale as Barnett’s Central Park Tower discounts continue

Undisclosed buyer closes at Extell supertall four weeks after signing contract

Extell Development’s Gary Barnett with 217 West 57th Street
Extell Development’s Gary Barnett with 217 West 57th Street (Getty)

Fifty million here, fifty million there, and pretty soon you’re talking real money.

Gary Barnett might be channeling the late Sen. Everett Dirksen after closing several sales for tens of millions of dollars at Central Park Tower this season.

Barnett’s Extell Development just sold Unit 124 at the supertall condominium for a hair above $50 million, according to public records. The buyer couldn’t immediately be discerned.

The sale at 217 West 57th Street closed quickly, about four weeks after the contract for the unit signed in mid-November — the priciest of the month in the city.

The unit was listed for $66 million, meaning the buyer got a discount similar to others at Central Park Tower over the past year — about a quarter off the asking price.

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The 7,000-square-foot, full-floor unit is on what Extell calls the “124th” story of the building, although that’s misleading, as 30 floor numbers are skipped for marketing purposes. The building has 98 above-ground stories.

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Unit 124 features five bedrooms, five and a half bathrooms and a large living room with windows on three sides offering views of Central Park and the city. The sale came out to $7,143 per square foot.

In May, a similar sponsor unit one floor below sold for about $48 million. And last week Unit 122 sold for $45 million, roughly $20 million below the sticker price. Dozens of units have sold well below asking.

Prior to the latest sale, 29 units had closed in the building this year, averaging $5,132 per square foot. That averages out to $15.2 million per apartment and $441 million overall; the building is approaching $500 million in sales this year.

But with the discounts, Extell will fall well below the $4 billion sellout it projected in 2017, as Barnett prioritized paying off the developments loans rather than wait for the ultra-luxury market to have another mid-2010s moment.

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Extell DevelopmentGary BarnettLuxury Real Estate