Extell sells Central Park Tower unit for $45M

Unit 114 at least supertall’s third to sell for $20M off asking

Extell’s Gary Barnett and Central Park Tower (Extell Development, Getty, Itrytohelp32/CC BY-SA 4.0/via Wikimedia Commons)
Extell’s Gary Barnett and Central Park Tower (Extell Development, Getty, Itrytohelp32/CC BY-SA 4.0/via Wikimedia Commons)

Gary Barnett has pocketed another $45 million deal at Central Park Tower. 

Unit 114 at Extell’s 217 West 57th Street sold for $19 million less than its $63.5 million asking price, according to property records. 

The unknown buyer, NGM Bridge LLC, paid $6,400 per square foot for the condo, which spans 7,000 square feet and has five bedrooms and five bathrooms. 

The deal comes after Barnett scored a similar $45 million sale last December, when Unit 122 closed for roughly $20 million less than its $65.5 million asking price. Despite the markdown, the full-floor unit marked the 10th priciest deal last year, according to data from TRD Pro.

The Billionaire’s Row tower has garnered a reputation for closing deals at a discount since the fall of 2021. At the time, a TRD Pro analysis found the developer was selling units for about 25 percent less than the prices listed in the building’s offering plan. 

The average sale price per square foot among the 33 deals that closed in the eight months following the building’s sales launch was $5,063, compared to the $6,768 projected in the offering plan — though recent deals have inched closer to that target. 

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

Amid a string of double-digit discounts, including another 7,000-square-foot unit sold in August for $43 million after asking $63.8 million, Barnett last year acknowledged the supertall was going to fall far short of its $4 billion projected sellout. 

The developer told the Wall Street Journal he expected prices to appreciate at the building once construction wrapped in the second half of 2022.

The developer originally projected a $4 billion sellout for the building, which launched sales in 2018 and began closings in 2021. TRD Pro’s 2021 analysis estimated sales to top out around $3 billion. 

Central Park Tower rises 1,550 above Manhattan and offers panoramic views of the city, including Central Park and the Hudson and East rivers. Adrian Smith + Gordon Gill Architecture designed the supertall with interiors by Rottet Studios. 

The building’s amenities include a 60-foot pool, private dining room on the 100th floor and fitness center with an indoor saltwater pool, steam room, sauna and squash court.  

Read more