| NYguy |
Jul 7, 2017 4:22 PM |
^
That's 220 CPS,
that vid was also posted there.
https://therealdeal.com/2017/07/07/r...al-park-tower/
Revealed: Inside Gary Barnett’s $4B Tower
The priciest unit is a $95M penthouse with a pool, but what's not for sale is even more interesting
By E.B. Solomont
July 07, 2017
Quote:
On the 100th floor of the most expensive residential building ever planned in New York City, 126 captains of the universe can waltz in the grand ballroom and gaze down upon Central Park. The amenity is a key weapon in Gary Barnett’s quest to woo the world’s wealthiest figures to the most ambitious condominium project in the country, the $4 billion Central Park Tower.
Now that Barnett’s Extell Development is finalizing a $900 million construction loan for the project at 217 West 57th Street, The Real Deal decided to take a closer look at what he’s got in store for it. We got our hands on an offering plan Extell filed with the New York Attorney General’s office, and it shows that a staggering 20 of the 179 condominiums at the building will be priced at $60 million or above.
The priciest, Unit 53, a four-bedroom, 7,984-square-foot apartment, is asking $95 million. The pad comes with a 2,000-square-foot terrace, a private elevator lobby and an outdoor pool. The cheapest listed apartment in the building is a studio that measures just 569 square feet, but comes with a big price tag — $1.542 million, or $2,710 per square foot.
According to a TRD analysis of the offering plan, at least 26 of the units are priced over $9,000 a square foot. They include Unit 39B, a 7,587-square-foot spread that features a 1,956-square-foot terrace. It’s asking $75 million, or $9,885 per square foot. The most luxurious units will have white oak floors as well as appliances from Miele and Sub Zero, according to the offering plan.
Of the units listed for sale, the average price per square foot is $7,106, according to the offering plan. By comparison, 220 Central Park South’s average price per foot was $7,374 when it launched sales in 2015 and 432 Park Avenue asked an average of $6,894 per foot in 2014.
Much like Steve Roth has done at 220 CPS, Extell is keeping three units at the tower unlisted. The units, all accessible via private elevators, are massive. Unit 107, a duplex with seven bedrooms, spans 11,823 square feet and has a 240-square-foot terrace, while Unit 127, an eight-bedroom duplex with 10,822 square feet, has a 713-square-foot private elevator lobby.
And the top penthouse, Unit 129, is a palatial 15,898 square feet with seven bedrooms, a terrace spanning 1,433 square feet and a 1,647-square-foot private elevator lobby. The aerie — complete with a media room, library, observatory, grand salon, gym and private ballroom (measuring 58 feet by 35 feet) — has no price tag. But the projected annual carrying costs alone are $925,909.
Central Park Tower’s amenities will be spread over three floors — including the 100th floor, which will house a grand ballroom with seating for 126, a cigar bar and private dining room.
The 14th floor’s “Central Park Club” features a resident’s lounge with a screening room, conference room, play area, tween lounge — seriously — and locker rooms. A landscaped terrace, accented with limestone and timber, will have a 60-foot pool, central lawn and two gardens. The 16th floor will house a 63-foot indoor pool, exercise room, spa and children’s playroom.
At more than $4 billion, Central Park Tower, which has a seven-level flagship Nordstrom’s store at the base, is the priciest condo development ever attempted in the city. After a grueling 18-month search for financing, Barnett signed a term sheet for a $900 million construction loan from JPMorgan Chase. In March, he described a loan of that size as “very conservative.” The capital stack at Central Park Tower also includes equity from Chinese investor SMI USA and funding from EB-5 investors.
The condo will also have 103 storage units priced between $85,000 for 26 square feet and $300,000 for 77 square feet. For the first year of operations, Extell is projecting $11 million in expenses, including $800,000 to run the building’s facilities and $375,000 to run the dining service. Another $3.6 million will go to payroll for 19 staffers, including a resident manager, doorman, hallman, package room attendant, four handymen, two concierges, and nine porters.
|
|
Prev