Can Extell make Central Park Tower the most expensive condo in U.S. history?

January 18, 2019

Rendering courtesy of Wordsearch

“Some people wonder if Mr. Barnett will become a victim of the condo explosion he helped create,” wrote the Wall Street Journal today in a rare expose of Extell’s Gary Barnett, referring to the success he had with One57, considered the catalyst for the supertall, ultra-luxury condo boom, and the more challenging climate he’s facing with the Central Park Tower. The latter, which will be the world’s tallest residential building at 1,550 feet, launched sales in October, but in a soft luxury market, it’s not a sure bet that the mega-developer will be able to achieve his projected $4 billion sellout and the title of the nation’s most expensive condominium ever. In a likely noncoincidental move timed with the Journal story, Extell today launched the tower’s new website (h/t Curbed), and it gives us mere mortals some of the first views inside the billionaire bunker.

Real-estate appraiser Jonathan Miller explained to the Journal, “The frenzy around One57 gave everyone the idea that this was a market that was ripe to be harvested.” But in 2018, Manhattan sales fell 18 percent. And many nearby supertalls have taken to dropping prices and chopping up large units. At Central Park Tower, Extell offered an incentive that any condo purchased before the end of 2018 would receive three-five years of free common charges. In the new year, they’re paying 50 percent of brokers’ commission and say that more incentives are forthcoming. Barnett explained that buyers are “saying they’ll wait a little bit and see if prices come down more,” therefore Extell wants “to give them an incentive to act.” He recognizes that NYC is “going through a dip in the market,” but says Central Park Tower “is priced for that dip.” According to him, sales are “decent.”

The 179 apartments at Central Park Tower range from two- to eight-bedrooms and from 1,435 to 17,500 square feet. Extell has said that the units, which start on the 32nd floor, were “strategically positioned in the corners of the residences to maximize multiple panoramas and citywide views.” To reach its $4 billion sellout, no fewer than 18 of the units have a price tag of $60 million or higher, with the $95 million penthouse as the most expensive.

The Central Park Club is the 50,000 square feet of amenity spaces spread across three floors. On the 10th floor is an indoor/outdoor pool terrace with cabanas and dining/lounge areas. Elsewhere there is a bar, dining room, cigar room, basketball court, and more.

Rendering courtesy of Extell

Barnett declined to disclose how many units have sold to date.

[Via WSJ]


All renderings courtesy of Wordsearch

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