Extell Sells Central Park Tower Unit for $14M

Gary Barnett is inching closer to the halfway mark at Central Park Tower.

His Extell Development just sold an 83rd-floor, three-bedroom unit to an unknown buyer for $14 million, about 18 percent off the $17 million asking price, public records show. That’s less than the 25 percent discounts he has agreed to at some of the tower’s priciest apartments.

Extell scored a $500 million inventory loan for the Billionaires’ Row condominium in January, which could give Barnett some breathing room — and a bit more leverage in negotiations.

Central Park Tower, at 217 West 57th Street, is the world’s tallest residential building and a bellwether for the city’s ultra-luxury market. An October 2021 analysis by The Real Deal found Barnett was selling units for about a quarter less per square foot than he had projected in his offering plan.

Marketproof reported last week that Barnett had closed sales at 81 apartments, which is 45 percent of the 179 in the building. The sales have totaled about $1.6 billion, or 39 percent of the $4.1 billion projected sellout.

Barnett acknowledged last June that the tower would fall short of its original target. Extell Marketing Group and Corcoran Sunshine head sales at the development. Closings started in 2021.

While units have been going for double-digit percentages below the 2017 offering plan’s prices, the amounts have been nonetheless lofty. In January, Unit 114 went into contract with an asking price of $63.5 million, which could foretell a sale just south of $50 million. In December, Unit 124, which was listed at $66 million, sold for $50 million.

The latest unit to sell is 3,000 square feet with three bathrooms. The unit features a formal entry foyer, great room with north- and west-facing views and an open kitchen.

Central Park Tower was designed by Adrian Smith + Gordon Gill Architecture with interiors by Rottet Studio. The building offers 360-degree views of the city and amenities including a private dining room on the 100th floor and a terrace with a 60-foot pool. The fitness center features an indoor saltwater pool, steam room, sauna and squash court.