It has been 15 years in the making and now we’re finally getting close to the finish line for what has become the most expensive condo development in the United States.
With a portfolio of lenders providing $1.1 billion in financing, Central Park Tower is expected to bring 179 luxury units near New York’s Billionaire’s Row by the fourth quarter of this year. Developed by Extell Development Company, the tower will rise 1,550 feet in the air and can make the claim as being the tallest residential building in the world since the majority of its volume will be devoted to privately-owned condos. (The Burj Khalifa building in Dubai surpasses the height of this by several hundred feet, but has much of its space designated for office, retail and tourist destinations in addition to the residences.)
It will join fellow supertalls in the city like 432 Park Avenue where not only did Jennifer Lopez and Alex Rodriguez list a unit for $17.5 million, but the developer also hung a huge banner on the side of the building to announce his own upcoming wedding. Another contender for almost the tallest building in the world is the 111 West 57th Street building where a 7,000 square foot penthouse is on the market. At the time it required the tallest freestanding crane ever used in New York to reach its top.
Central Park Tower has announced one ground level retail tenant already open to the public—a flagship seven-story Nordstrom (a company that was also instrumental in making this project financially feasible).
The building is coming to completion at a time when New York’s high-end real estate is facing headwinds and, as president of Extell, Gary Barnett, has said their prices are about 15% less than nearby luxury tower 220 Central Park. Yet Extell hasn’t yielded too much to the surrounding market trends. For example, they are sticking with their plan to keep the top three floors a triplex penthouse (measuring approximately 17,500 square feet) instead of dividing the floors into multiple units.
For the listings that have been released so far the combined asking prices still exceed $4 billion, with prices starting at $6.9 million for a 2,114-square-foot 2-bed, 2.5 bath up to a $63 million for a 5-bed, 5.5 bath unit measuring 7,074 square feet. Prices for the triplex penthouse have not been released.
The building is coming to completion at a time when New York’s high-end real estate is facing headwinds and, as president of Extell, Gary Barnett, has said their prices are about 15% less than nearby luxury tower 220 Central Park. Yet Extell hasn’t yielded too much to the surrounding market trends. For example, they are sticking with their plan to keep the top three floors a triplex penthouse (measuring approximately 17,500 square feet) instead of dividing the floors into multiple units.
For the listings that have been released so far the combined asking prices still exceed $4 billion, with prices starting at $6.9 million for a 2,114-square-foot 2-bed, 2.5 bath up to a $63 million for a 5-bed, 5.5 bath unit measuring 7,074 square feet. Prices for the triplex penthouse have not been released.
Developers have planned for the 100th floor of the building to be 8,300 square feet of amenity space, said to be the highest private residents’ club in the world. The 100th floor will include a private ballroom, wine and cigar lounges, dining room, bar and full-service kitchen. The renderings for these amenity spaces are being revealed for the first time here.
Michelin-starred chefs and a not-yet-disclosed but “renowned” lifestyle specialist will be part of the staff to curate events in the space. Rottet Studio, the same team behind the residential interior designs, also designed the private club level so that it could contain both large entertaining spaces and smaller, intimate meeting rooms.
“Our building represents life at the top, and what better way to celebrate it than a 100th Floor Central Park Club?” said Joaquin F. Stearns, senior vice president of Extell Development Company. “From a rotating roster of the world’s best chefs to views that stretch dozens of miles in every direction, this special amenity exemplifies the sophistication of the world’s highest residential building.”
A total of 50,000 square feet throughout the building is reserved for lifestyle activities, with floors 14 to 16 housing the pools, cabanas, private screening room, children’s playground, and spa and fitness centers. Below is a rendering of the 63-foot indoor pool.
The building reached its top last fall but isn’t expected to be complete until late this year. Developers plan to release more details and units for sale over the coming months, so keep an eye on the sales page for more information. Below is one image they have released for the first time—a rendering of the dining room for one of the duplex units.
Maziar Moini, Broker of Record - Home Leader Realty Inc.
300 Richmond St. W., #300, Toronto, ON M5V-1X2
