World’s Tallest Residential Building Nabs $1.1B Financing
- Jan 03, 2018
Extell Development Co. and the U.S. subsidiary of Shanghai Municipal Investment, SMI USA, have obtained a $1.1 billion loan for Central Park Tower, an upcoming 1,550-foot-tall residential tower in Midtown Manhattan. The financing package comprises a $900 million senior construction loan provided by J.P. Morgan and a $235 million preferred equity loan from a hedge fund.
“New York City has never known a supertall tower of this caliber and we are pleased to have our institutional partners on board to deliver a product that will be truly exceptional,” Extell President & Founder Gary Barnett said in a prepared statement.
The project will be situated in the borough’s Billionaires’ Row area, at 217 W. 57th St. Adrian Smith + Gordon Gill Architecture, known for contributing to the completion of other supertalls such as the Burj Khalifa in Dubai and the Kingdom Tower in Saudi Arabia, delivered Central Park Tower’s design plans. Upon its completion in 2020, the tower will include 179 luxury residences, Nordstrom’s 300,000-square-foot flagship Manhattan store, as well as a hotel component. The property will also feature 50,000 square feet of luxury services and amenities.
Extell also developed the first supertall tower in the area, One57, which is also New York City’s most expensive building.
Image courtesy of Extell Development Co.