Barnett: Central Park Tower will fall short of $4B sellout

Another Central Park Tower pad has sold for far less than its original ask, and developer Gary Barnett recognizes his supertall isn’t going to achieve the lofty sellout he once envisioned. The latest sponsor unit to sell at Billionaires’ Row’s tallest skyscraper went for $43 million, the Wall Street Journal reported , 33 percent less than the $63.8 million Barnett’s Extell Development originally sought when it placed it on the market in 2019. The anonymous

The post Barnett: Central Park Tower will fall short of $4B sellout appeared first on The Real Deal New York.

Chinese furniture magnate purchases Central Park Tower pad for $15.3M

Yao Liangbo has a new home to furnish. The vice chairman of Oppein Home Group, one of China’s largest makers of kitchen appliances and home furnishings, purchased unit 47C at Extell’s Central Park Tower at 217 West 57th Street for $15.3 million — $4,500 per square foot — according to property records filed April 14. The asking price was $16.5 million. Janice Chang of Douglas Elliman had the listing. The 3,400-square-foot corner unit has three

The post Chinese furniture magnate purchases Central Park Tower pad for $15.3M appeared first on The Real Deal New York.

First resale hits Extell’s Central Park Tower

Gary Barnett’s Central Park Tower has its first resale. Apartment 46-C in the building at 217 West 57th Street has been listed for $19.85 million. Juan Carlos Gonzalez Jaramillo — a developer who splits his time between Florida and South America — bought the unit in August 2021 for $14.8 million, according to public records. The resale is notable for a building that only commenced closings last year. The 179-unit project — known as the

The post First resale hits Extell’s Central Park Tower appeared first on The Real Deal New York.

In a banner year for NYC’s luxury market, these 10 priciest sales led the way

2021 was a year of recovery for Manhattan’s residential market. Home sales in the borough notched their busiest quarter in recorded history. The annual luxury sales record was shattered with a full three months remaining on the calendar. A persistent glut of condo inventory finally started to fall as buyers claimed more units from the market than builders added. Agents and developers, rejoice: New York City is back (at least, for now). The year saw

The post In a banner year for NYC’s luxury market, these 10 priciest sales led the way appeared first on The Real Deal New York.

Why Gary Barnett is selling Central Park Tower at 25% off

New York City’s priciest condominium project is proving to be a lot less expensive than advertised. Since closings began at Gary Barnett’s Central Park Tower in February, sales have hit public records for 33 units, most boasting prized park views. But per square foot, the high-flying developer is getting 25 percent below what he was aiming for, according to an analysis by The Real Deal. The average sale price per square foot was $5,063, compared

The post Why Gary Barnett is selling Central Park Tower at 25% off appeared first on The Real Deal New York.

Central Park Tower condo sells for half its asking price

A price chop this big might cast some doubts on the world’s tallest residential tower. Gary Barnett’s Extell Development has sold a sponsor unit at its Central Park Tower at 217 West 57th Street for nearly 50 percent below its original asking price, property records show. The unit, a four-bedroom, 7,984-square-foot condominium, was originally asking $95 million. It went into contract in June and sold for $49.7 million when the deal closed this month. “The

The post Central Park Tower condo sells for half its asking price appeared first on The Real Deal New York.

Central Park Tower duplex hits market at $150M

An opportunity to live at the top of Billionaires’ Row is available for a lucky buyer with $150 million to spare. A duplex in Central Park Tower on West 57th Street has hit the market with the nine-figure listing price. It is the highest duplex in the Extell Development tower, according to Bloomberg. The apartment is located on the 127th and 128th floors of the building. It comes with eight bedrooms, nine bathrooms, a 30-foot

The post Central Park Tower duplex hits market at $150M appeared first on The Real Deal New York.

Closings kick off at Central Park Tower

UPDATED, Feb. 25, 2021, 11: 25 a.m.: Move-in day is approaching for buyers at the world’s tallest residential tower. Gary Barnett’s Extell Development is commencing closings at Central Park Tower, the developer announced Thursday. The 179-unit project at 217 West 57th Street has a projected sellout of $4 billion, which makes it the most expensive condominium project in New York City. The two- to eight-bedroom units range in size from 1,435 square feet to 17,500

The post Closings kick off at Central Park Tower appeared first on The Real Deal New York.

Developers unveil plans for 1,600-foot tower at Grand Central

The Grand Hyatt building next to Grand Central Terminal is set to be replaced with a 1,600-foot office and hotel tower known as 175 Park Avenue, new filings show. If all goes as planned, it would be the tallest building in the city, beating out Extell Development’s 1,550-foot Central Park Tower. The ground floor of TF Cornerstone and RXR Realty’s 83-story, 2.2 million-square-foot tower will be home to a new public train hall that adds

The post Developers unveil plans for 1,600-foot tower at Grand Central appeared first on The Real Deal New York.

Barnett secures $380M mezz financing for Central Park Tower

 Gary Barnett landed $380 million in bridge financing for his $4 billion Central Park Tower supertall condo tower. Barnett’s Extell Development raised the new capital in the form of mezzanine debt secured by “Class C” shares in the property, according to a filing on the Tel Aviv Stock Exchange. Sail Harbor Capital and the hedge fund Baupost Group provided the financing, according to a source familiar with the loan. The loan carries an interest rate

The post Barnett secures $380M mezz financing for Central Park Tower appeared first on The Real Deal New York.