Central Park Tower will be the tallest residential building in the west
Central Park Tower will be the tallest residential building in the west
Aim high: the ultra-luxurious New York development will be the tallest building in the Western Hemisphere
A joint venture has been announced between premier luxury real estate development firm Extell Development Company and the US subsidiary of Shanghai Municipal Investment, to develop Central Park Tower on Billionaires Row in midtown Manhattan.
The USD3 billion residential and commercial project will rise to 1,550 feet, and when completed it will be the tallest residential building in the Western Hemisphere, offering unparalleled 360 views of New York City and beyond.
“This strategic alliance with SMI brings together two international industry leaders with a track record of creating iconic global skyscrapers. SMI has developed the tallest building in Shanghai and we look forward to our partnership as we jointly develop the tallest building in New York City,” said Gary Barnett, founder and CEO of Extell Development Company.
“We believe the superb location, views, design and quality of Central Park Tower will make it the most important residential building ever to be built in New York City and expect it to be a great success for Extell and SMI.”
More: New Yorkers are being tormented by more skyscrapers in the city
SMI’s investment is to have priority, and its investment is expected to receive a return of 20% to 30% per annum over the course of the project.
Architects for the development are to be the renowned Adrian Smith + Gordon Gill Architecture, whose past work includes the world’s tallest building, the Burj Khalifa in Dubai, and Kingdom Tower in Saudi Arabia.
Central Park Tower will be built on the principles of integrated architectural design, interior layouts and structural efficiency.
It will be New York’s most significant contribution to the global stage of supertall towers.
Located at 225 West 57th Street, Central Park Tower is set for completion in 2019 with sales launching later this year.
Read next: Revealed: Asia is the world’s fastest-growing region for billionaires
Source: Property Report