The market for ludicrously pricey trophy homes in New York City is drying up but Extell, never one to follow the crowd, is moving right along with its plans for New York City’s tallest residential building. Today in a press release, the One57 developer announced that sales for Central Park Tower will launch later this year. The move confirms that the 1,550-foot condo won’t be following the lead set by its neighbor at 111 West 57th Street, where sales were put off until next year amid a slowing market. It’s a power move and ever-more proof that Extell’s gonna Extell.
The release also announces a joint venture agreement between Extell and SMI USA, the US subsidiary of Shanghai Municipal Investment, who will co-develop Central Park Tower. The partnership is fitting: the infrastructural investment company is behind Shanghai Tower, China’s 2,073-foot-tall glass behemoth and the world’s second-tallest building. The partnership also comes with the added bonus of appealing to a foreign contingent, a move that Extell’s already started playing out with materials courting international investors.
It looks like with Central Park Tower, Extell chief Gary Barnett is assembling the supertall dream team. In addition to the new partnership with SMI USA, Extell’s also brought on Adrian Smith + Gordon Gill Architecture to design the building. The firm is behind the world’s current tallest tower, the Burj Khalifa (2,722 feet), and the world’s forthcoming tallest tower, Jeddah Tower (3,307 feet).
Central Park Tower is now on the rise, but it won’t be complete until 2019 (at least.)