Central Park Tower will launch sales in the second half of 2017, if all goes according to plan. A spokesperson for Extell confirmed to Curbed that the city’s forthcoming tallest residential building is expected to get approval for its $4.4 billion offering plan from the Attorney General in the next few months, with sales to follow soon after.
Closings, and at that, residency, are slated to begin in the second half of 2019. In a Wednesday call with foreign investors cited by The Real Deal, Extell CEO Gary Barnett announced that the building will be wholly completed—1,550 feet and all—in 2020.
Sales of the building’s 179 condos have been delayed slightly, in accordance with the financing timeline for the $3 billion project. In August 2016, Extell announced a late 2016 sales launch alongside a joint venture partnership with SMI USA that brought the tower a $300 million infusion in May. (As all know by now, that sales launch didn’t come to pass.)
By the terms of the deal with SMI USA, Extell must clinch down an additional $900 million by December 2017. TRD notes that the development company has doled out $939 million on the project so far, including land acquisition, financing, and construction.
The Adrian Smith + Gordon Gill Architecture-designed building rising at 217 West 57th Street was made possible in part by the $31.8 million sale of air rights from the adjacent Art Students League of New York, which was approved in a landslide vote in 2014. A New York Oberserver article from 2011 offers more insight into the assemblage of the site,
Extell assembled the T-shaped plot last decade and then took out a $256 million mortgage on it, leading to quite a bit of consternation when the commission unexpectedly decided 1780 Broadway and 225 West 57th Street were worth saving. Once owned by B.F. Goodrich, they are part of a stretch of Jazz Age dealerships known as Automobile Row. In the end, the commission brooked a contentious deal to save 1780 Broadway while allowing 225 West 57th Street to be torn down.
To date, construction on the seven-story Nordstrom in the building’s base has topped out and fluted facade panels have begun appearing on site.