The most expensive condo project in the New York City’s history, at more than $4 billion, has been officially approved.
New York State accepted plans for Central Park Tower on May 19, meaning sales can now move forward for the skyscraper’s ultra-lavish apartments, according to filings with the attorney general’s Real Estate Finance Bureau. Extell Development plans to make the tower at 217 West 57th St., a part of Billionaire’s Row, the tallest residential building in the Western Hemisphere, at over 1,550 feet tall.
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Extell has budgeted a total offering price of more than $4 billion on the project, according to filings with the attorney general.
At only 179 condo units, the luxury developers will have to set prices in the building at an average of more than $22 million to meet their projected sellout goal. That’s more than double the average price for a Manhattan luxury condo, The Real Deal, which first wrote about the approval, pointed out.
Extell’s offices were closed on Thursday and the company could not immediately provide a comment, a spokeswoman said.
The new building at the edge of Central Park has an expected completion date of 2019. A 285,000-square-foot, seven-story Nordstrom flagship store will anchor the base of the building, according to the developer.
A #SanFrancisco penthouse has broken the city’s price record for the most expensive condo sold by square foot https://t.co/bSGskDBNmQ pic.twitter.com/RhYTaZ4HNJ
— Mansion Global (@MansionGlobal) May 20, 2017
Until now, the record holder for the priciest condo project in the Big Apple was 220 Central Park South by Vornado Realty Trust, which has bumped up its projected sellout goal multiple times and is now aiming to bring in $3.386 billion. The building, also on Billionaire’s Row, is reportedly selling a single, four-floor condo unit for $250 million.
The company is reportedly still in the market for a $900 million construction loan.