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Extell Development Company Closes On A $1.135 Billion Financing Package For Central Park Tower The Tallest Residential Building In The World
PRESS RELEASE
Jan. 2, 2018
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Nationally acclaimed real estate development firm Extell Development Company announced today that the company closed on its largest construction loan to date for Central Park Tower on December 29, 2017. Central Park Tower, a 1,550-foot-tall architectural landmark located on Manhattan's Billionaires' Row, will be the tallest residential building in the world. The financing package was comprised of a $900 million senior construction loan syndication led by J.P. Morgan and a $235 million preferred equity loan from a hedge fund.
"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," said Gary Barnett, President and Founder of Extell Development Company. "New York City has never known a supertall tower of this caliber and we are pleased to have our institutional partners on board to deliver a product that will be truly exceptional."
Central Park Tower will be the definitive New York skyscraper with an incomparable offering in every respect. Situated on 57th Street with Central Park directly to the north, the tower is supremely located at the intersection of Columbus Circle and the Plaza District. Designed by renowned firm Adrian Smith + Gordon Gill Architecture, known for such celebrated supertalls around the world including Burj Khalifa in Dubai and the Kingdom Tower in Saudi Arabia, the building will include 179 ultra-luxury residences with gracious layouts, stratospheric views and access to New York's most elevated private club of full-service amenities.
Extell is co-developing Central Park Tower with SMI USA (SMI), the US subsidiary of Shanghai Municipal Investment, a leading infrastructural investment company responsible for the esteemed Shanghai Tower.
Central Park Tower will also be home to an approximately 300,000-square-foot Nordstrom department store. This new seven-story retail space will be the Seattle-based fashion retailer's flagship location in New York City, the first in its over 100-year history.
Extell pioneered the development of ultra-luxury skyscraper development on what is now considered the most prestigious residential corridor in Manhattan with One57, the first supertall tower on Billionaires' Row. The record-breaking glass tower overlooking Central Park, which redefined the New York City skyline, includes 132 premier condominiums above the Park Hyatt's new five-star flagship hotel. One57 is home to the most expensive residence ever sold in New York City history at $100.5 million.
Extell Development Marketing Group will exclusively handle the sales and marketing for Central Park Tower with sales expected to launch in 2018 and completion slated for 2019. For sales information, please call 212-957-5557 or visit www.centralparktower.com.
About Extell
Extell Development Company is a nationally acclaimed real estate developer of residential, commercial, retail, hospitality and mixed-use properties, operating primarily in Manhattan and other premier cities across the nation. In collaboration with world-class architects and design professionals, Extell creates properties distinguished by sophisticated design, gracious floor plans and first-class amenities.
Current projects under development include the largest condominium in Lower Manhattan, One Manhattan Square, located on the edge of the New York Harbor, offering breathtaking water and city views and over 100,000 square feet of amenities; The Kent at 200 East 95th Street, a building that pays homage to some of New York City's Art Deco structures with interiors that echo the classic elegance of the Upper East Side; and 70 Charlton, the first luxury residential development located in Hudson Square, a section within West SoHo. Extell has also restored and updated a number of classics in landmark neighborhoods, including the former Stanhope Hotel at 995 Fifth Avenue and The Belnord, a landmark building on the Upper West Side.
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http://www.nasdaq.com/article/nordst...20180102-00435
Nordstrom To Hire 250 Employees For First Stand-alone Men's Store In Manhattan
January 02, 2018
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Nordstrom Inc. said that it will hire 250 employees for its first stand-alone Men's Store in Manhattan, which will open on Broadway between West 57th and West 58th Streets in April 2018.
The company noted that it will also open a New York City flagship store in 2019 at the base of Central Park Tower, an Extell Development Company Project. Sales and support positions will be posted on Wednesday, January 3. The retailer also announced Cailin Caro, as store manager of the NYC Men's Store, and company veteran Chris Wanlass, as vice president of its Manhattan full-line stores.
Sales positions are available in all areas, including men's apparel, designer, furnishings, shoes and grooming. Hiring will also take place for various support positions in building services, housekeeping, loss prevention, as well as jobs in the store's food offerings.
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NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
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