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New tallest residential tower to rise up in New York City

DCN News Services
New tallest residential tower to rise up in New York City
EXTELL DEVELOPMENT COMPANY — A US$1.135-billion financing package has been arranged to construct a 1,550-foot-high residential tower on 57th Street in New York City.

NEW YORK — U.S.-based real estate development firm Extell Development Company has announced the close of financing for New York City’s Central Park Tower, set to become the tallest residential tower in the world at 1,550 feet in height.

The US$1.135-billion financing package was comprised of a $900-million senior construction loan syndication led by J.P. Morgan and a $235-million preferred equity loan from a hedge fund, a Jan. 2 statement indicates. The deal was confirmed Dec. 29.

Central Park Tower will be located on Manhattan’s Billionaires’ Row, with an address on 57th Street and Central Park directly to the north at the intersection of Columbus Circle and the Plaza District.

The project has been designed by Adrian Smith + Gordon Gill Architecture, known for such supertalls as the Burj Khalifa in Dubai and the Kingdom Tower in Saudi Arabia, and will include 179 luxury residences and the world’s most elevated private club of full-service amenities, the statement said.

Extell is co-developing Central Park Tower with SMI USA, the U.S. subsidiary of Shanghai Municipal Investment.

“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,” said Gary Barnett, president and founder of Extell, in the statement.

Central Park Tower will also be home to an approximately 300,000-square-foot, seven-storey Nordstrom department store, said to be the Seattle-based fashion retailer’s first flagship location in New York City.

Extell previously built One57, the first supertall tower on Billionaires’ Row. One57 includes 132 condominiums above the Park Hyatt’s new five-star flagship hotel.

One57 is home to the most expensive residence ever sold in New York City history at $100.5 million, the statement said.

Shanghai Municipal Investment is the largest state-owned enterprise in Shanghai.

Extell Development Marketing Group will exclusively handle the sales and marketing for Central Park Tower with sales expected to launch in 2018. A construction timetable was not issued.

The world’s tallest residential tower is currently 432 Park Avenue in New York City, completed at 1,398 feet tall in 2014.

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