Home News Central Park Tower Pad Sells For a 33% Off Original Ask

Central Park Tower Pad Sells For a 33% Off Original Ask

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Gary Barnett of Extell and 217 West 57th Street (Barnet by Paul Dilakian, Itrytohelp32, CC BY-SA 4.0 via Wikimedia Commons)

Another Central Park Tower Pad sells for far less than it was originally hoped for, and developer Gary Burnett realizes his Super Tall won’t achieve the high sell-out prices he once envisioned. increase.

Billionaire’s Row’s tallest skyscraper sells latest sponsored unit for $43 million, Wall Street Journal report 33% less than the $63.8 million Barnett’s Extell Development was originally asking when it went to market in 2019.

The anonymous buyer lives in Singapore, according to Triple Mint’s James Michael Angelo, who represented her in the deal. but got the deal for just $5 million.

Our 7,000-square-foot condo at 225 West 57th Street offers 360-degree views of Central Park and both rivers. There is also a library, a private reception gallery, and a 1,500-square-foot saloon.

In June, Barnett admitted that the 57th Street skyscraper was well below the $4 billion it was set to sell, the WSJ reported Thursday. Barnett added that he expects the price of the building to rise once construction is complete in the coming months.

The closure of Central Park Tower began in February 2021. real Most of the units enclosed within the building Selling at a much lower price Pricing is lower than outlined in Extell’s offering plans.

In the 33 closings that set public records through October, condos in the tower sold for an average of 25% below planned sales per square foot targets, with a 16% sales price per unit. Asked about the difference, Barnett said it was a “fundamental fallacy” to describe the difference between the selling price and the price stated in the offer plan as a discount.

“We decided to prioritize sales velocity over maximum pricing,” he said. TRDs at the time. “I don’t see any downsides.”

The $900 million construction loan for the project mature in December Burnett claimed he was “within immediate distance” to pay it off and expressed his willingness to cut the deal to get it done.

— Holden Walter Warner

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