A rendering of Extell Development Central Park Tower. Credit: Wordsearch (PRNewsfoto/Extell Development Company)

US-based real estate developer Extell Development Company has closed the financing package for the development of Central Park Tower in New York City.

The 1,550ft Central Park Tower residential building is being developed by Extell and SMI USA, a subsidiary of Shanghai Municipal Investment.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

According to the developer, the financing package included a $900m senior construction loan syndication led by JPMorgan and a $235m preferred equity loan.

Extell Development Company president and founder Gary Barnett said: “Extell has an exceptionally strong reputation with the lending and institutional investor communities and this sophisticated transaction affirms the confidence in Manhattan’s luxury condominium market.

“The tower will include 179 residential units and a 300,000ft2 seven-storey Nordstrom flagship store.”

“New York City has never known a supertall tower of this calibre and we are pleased to have our institutional partners on board to deliver a product that will be truly exceptional.”

Designed by Adrian Smith and Gordon Gill Architecture, the tower is located at the intersection of Columbus Circle and the Plaza District in Manhattan, New York.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The tower will include 179 residential units and a 300,000ft2 seven-storey Nordstrom flagship store.

Sales and marketing for Central Park Tower will be handled by Extell Development Marketing Group with a sales launch expected this year.

Construction of the tower is scheduled for completion in 2019.

Extell Development Company is undertaking the development of residential, commercial and mixed-use properties, operating primarily in Manhattan, as well as other cities across the US.