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The construction of Manhattan's most expensive condominium tower is now fully funded. Extell Development Company has secured its largest construction loan to date, clearing the way for Central Park Tower to meet its 473-metre peak. The budding landmark, located on the island's Billionaires' Row and overlooking the iconic park, will become the tallest residential building in the world.
Consisting of a $900 million senior construction loan syndication led by J.P. Morgan and a $235 million preferred equity loan from an unnamed hedge fund, the financing will propel the super-skinny Central Park Tower into the New York City skyline. The 95-storey supertall skyscraper is designed by Adrian Smith + Gordon Gill Architecture, the same firm behind Dubai's Burj Khalifa, the tallest building in the world.
Filled with 179 ultra-luxury residences, Central Park Tower will also contain a 300,000-square-foot Nordstrom department store. The Seattle-based fashion brand's flagship location in New York City will spread across seven storeys.
The project is being co-developed with SMI USA, the American subsidiary of Shanghai Municipal Investment, which executed the world's second-tallest building, Shanghai Tower. Sales are expected to launch in 2018 with completion the following year.
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