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$1B Financing Package for Central Park Tower
Extell Development Company has borrowed a total of $1.135 billion to build Central Park Tower, a new, 1,550-foot-tall tower with 179 luxury condominiums at 217 W. 57th St. in Midtown Manhattan.
The financing includes a $900 million senior construction loan syndication led by J.P. Morgan, and $235 million in preferred equity from a hedge fund.
“This sophisticated transaction affirms the confidence in Manhattan’s luxury condominium market,” said Gary Barnett, president and founder of Extell Development Company. Extell is co-developing Central Park Tower with SMI USA (SMI), the US subsidiary of Shanghai Municipal Investment.
The tower will also be home to an approximately 300,000-square-foot, seven-story Nordstrom department store. Sales of the condominiums will begin in 2018, and the building will open in 2019.
For comments, questions or concerns, please contact our New York commercial real estate editor Bendix Anderson
- ◦Financing
- ◦Development
