NEW YORK | Central Park Tower (Nordstrom)| 1,550 FT | 131 FLOORS

[streetscaper]

I can't wait for summer when 111 W57, Verre, and this rising high and poking the skyline from Central Park

[Mike.V]

"Still, uncertainty persists. Among the biggest risks to Extell’s business is a $900 million gap in financing for Central Park Tower, for which Barnett is currently seeking a construction loan. IBI’s Yaniv Saylan said Barnett had not specifically updated his investors on that loan search, which is challenging amid a drought in new condo financing."

http://therealdeal.com/2016/12/09/ex...cesses-report/

Is it typical to not have financing when the building is already u/c? The investors certainly seem a bit skeptical based on those interest rates.

[TechTalkGuy]

Originally Posted by Mike.V

Is it typical to not have financing when the building is already u/c? The investors certainly seem a bit skeptical based on those interest rates.

I wouldn't worry about it.
It's under construction, which is more than I can say about 2 WTC!!

[gramsjdg]

I could be wrong, but the extraordinarily slow pace of construction might indicate a certain amount of uncertainty about the market and/or funding...

That being said, this tower is arguably the most important supertall going up in the country simply because of the fact that it will finally surpass the Sears Tower after 40+ years of height stagnation in the U.S. and really needs to be completed for that reason alone.

[TechTalkGuy]

Originally Posted by gramsjdg

..............this tower is arguably the most important supertall going up in the country simply because of the fact that it will finally surpass the Sears Tower after 40+ years of height stagnation in the U.S. and really needs to be completed for that reason alone.

I don't believe that this tower is trying to complete with any other tower.
This is just a very tall skyscraper.

[jl4069]

Originally Posted by gramsjdg

I could be wrong, but the extraordinarily slow pace of construction might indicate a certain amount of uncertainty about the market and/or funding...

That being said, this tower is arguably the most important supertall going up in the country simply because of the fact that it will finally surpass the Sears Tower after 40+ years of height stagnation in the U.S. and really needs to be completed for that reason alone.

I agree on both. I've said this here as well. There is something very fishy going on with this tower. Seems they have been on the cantilever for around 5 or 6 months now. They are moving very slowly. Maybe the manic man in office will push this through as he may lower taxes and interest rates, keep on inflating this bubble!

[mrnyc]

oh no lets hope they keep the full height and don't turn it into a stumpy because of some financial shortfund.

[chris08876]

Originally Posted by TechTalkGuy

I don't believe that this tower is trying to complete with any other tower.
This is just a very tall skyscraper.

Anybody who doubts that just has to look at One57. Arguably the godfather of the 57th Street boom. And that in itself is huge. This makes it seem like Penn and Teller. One is tall, the other is short.

Originally Posted by mrnyc

oh no lets hope they keep the full height and don't turn it into a stumpy because of some financial shortfund.

This is Barnett, the king we are talking about. Not Shvo or Silverstein.

[Pierre9436]

Originally Posted by gramsjdg

I could be wrong, but the extraordinarily slow pace of construction might indicate a certain amount of uncertainty about the market and/or funding...

That being said, this tower is arguably the most important supertall going up in the country simply because of the fact that it will finally surpass the Sears Tower after 40+ years of height stagnation in the U.S. and really needs to be completed for that reason alone.

Yes, I've been waiting my entire life for a tower in NY to surpass the Sears Tower. They need to complete it ASAP!!!

[hunser]

By Otie via YIMBY instagram

[Skyguy_7]

Originally Posted by Pierre9436

Yes, I've been waiting my entire life for a tower in NY to surpass the Sears Tower. They need to complete it ASAP!!!

Thank you both for at least calling it Sears. Sad to see her title go.

[Crawford]

Originally Posted by gramsjdg

I could be wrong, but the extraordinarily slow pace of construction might indicate a certain amount of uncertainty about the market and/or funding...

Construction hasn't been going slowly, and the cantilever was always projected to take many months.

If you see this project from a nearby tower, or follow progress on NY YIMBY you'll see the daily progress, even if not obvious from street level. This building couldn't fly during the cantilever stage. It's now, finally, rising above the cantilever.

Originally Posted by gramsjdg

That being said, this tower is arguably the most important supertall going up in the country simply because of the fact that it will finally surpass the Sears Tower after 40+ years of height stagnation in the U.S. and really needs to be completed for that reason alone.

I don't think this matters in the least. One WTC officially surpassed Willis Tower years ago, and the .1% of people who are skyscraper nerds who have a different interpretation of building heights don't really matter in the end. Your typical person doesn't give a crap about relative building heights.

[faridnyc]

Originally Posted by hunser

By Otie via YIMBY instagram

wish the come back the spire at the end , make this tower even taller

[NYguy]

Originally Posted by Mike.V

Is it typical to not have financing when the building is already u/c? The investors certainly seem a bit skeptical based on those interest rates.

Not typical, but we see it often enough, particularly with residential towers.

I like how the tower looms over Broadway.

[chris08876]

Originally Posted by Mike.V

Is it typical to not have financing when the building is already u/c? The investors certainly seem a bit skeptical based on those interest rates.

A lot of NYC projects get financing way into the hard cost stage. Construction loans especially. This is not a NY phenomena though. Occurs in many cities. Read Crain's Business, and you'll see many projects that get loans or financing while they are u/c.

Some projects are funded via EB-5, and using that capital, is enough to get the project started while they wait for a bank to give the thumbs up for a loan.

To add on to what NYguy said, one of Extells towers recently got finance, and its 10+ stories up on the UES. Even one of the components of Riverside Center. Both residential project(s).

[robertjhajek]

Not gonna lie, this tower isn't as well designed or iconic as tower verre, 111 W 57th, or even cps.

It's just tall.

[NYguy]

Originally Posted by robertjhajek

Not gonna lie, this tower isn't as well designed or iconic as tower verre, 111 W 57th, or even cps.

It's just tall.

NO kidding.




http://therealdeal.com/2016/12/13/ex...ackstone-loan/

Extell secures one-week extension on $235M Blackstone loan
Central Park Tower debt came due Dec. 9





December 13, 2016
By Katherine Clarke

Gary Barnett’s Extell Development secured a one-week extension on a $235 million land loan from Blackstone Group at its Central Park Tower, according to public disclosures made to its Israeli bondholders.

The extension will give the company time to refinance the loan, which came due Dec. 9. The extension is just the latest in Extell’s ongoing struggle to line up financing for the tower, which is set to rise at 217 West 57th Street.

The company secured the Blackstone loan in 2013 and had been counting on securing a construction loan to replace it, rather than going through a refinancing, as The Real Deal reported in the fall.

The terms of the loan dictate that, were Extell to default, the loan would go into a one-year standstill agreement, whereby Blackstone could not demand an immediate settlement until the latter part of 2017. The interest rate on the loan would also shoot up to 14 percent from 8 percent.

Barnett has already blown one deadline to repay the loan.

In a September interview, he didn’t seem particularly confident about racing the clock.

“We have a deadline to meet and we’re going to try very hard to meet that deadline,” he said. “That’s our job. Beyond that, I’m not going to speculate.”

He did not respond to a request for comment Monday on the extension or on his progress in securing a construction loan.

A Blackstone spokesperson also did not immediately respond to a request for comment.

Earlier this year, Extell scored approximately $300 million in equity from SMI USA, the U.S. subsidiary of Shanghai’s largest state-owned enterprise, for the project. But that agreement is also contingent on Extell securing a construction loan. If Barnett can’t close on a construction loan by July, SMI can force Barnett to buy back its equity stake for roughly $300 million, plus interest.

[gramsjdg]

What's the primary obstacle to getting a construction loan right now? Is it just that no lenders are willing to take the risk?

[NYguy]

Originally Posted by gramsjdg

What's the primary obstacle to getting a construction loan right now? Is it just that no lenders are willing to take the risk?

The luxury market has softened a bit the last year or so. It's the reason JDS is keeping the units at Steinway off the market for another year. They don't want to give the "relative" discounts that you see now at 432 Park and One57. Unlike office towers that usually get a significant signing before they can get financing, residential towers are largely built on spec. It really wasn't that long ago Extell got financing for the Manhattan Square tower currently rising, a different sort of residential tower.

[Pierre9436]

Originally Posted by Skyguy_7

Thank you both for at least calling it Sears. Sad to see her title go.

I don't recognize the name change from Sears Tower to Willis Tower. What is this Willis Tower and where is it located

The Sears tower is an amazing skyscraper that has held the title of tallest in the US for around 43 years. It's reign was almost as long as the Empire State Building, which is pretty damn good! I'm happy to see a tower eclipse the Sears Tower and I hope to see another in the US beat the Central Park Tower in the not too distant future.