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New York

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

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.

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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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Central Park TowerDevelopmentExtell Development