Extell Development, SMI to Develop 131-Story Central Park Tower in Manhattan for $3 Billion

by Christina Cannon

NEW YORK CITY — A joint venture between Extell Development Co. and SMI USA, the US subsidiary of Shanghai Municipal Investment, has unveiled plans to develop Central Park Tower, a $3 billion residential and commercial tower in Manhattan. When complete, it will be the tallest residential building in the Western Hemisphere, according to the developers.

The 131-story building will feature condos and retail space, including Nordstrom’s first full-line location in New York. The retail space will serve as Nordstrom’s flagship store and will be its second largest location. The seven-story store will total 285,000 square feet, according to Bloomberg.

Central Park Tower will be located along Billionaire’s Row on 57th Street in Midtown Manhattan and is slated to open in 2019.

“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,” says Gary Barnett, founder and CEO of Extell Development Co.

Adrian Smith + Gordon Gill Architecture, which designed the world’s tallest building, the Burj Khalifa in Dubai, and the future world’s tallest building, Kingdom Tower in Saudi Arabia, will serve as the architect for Central Park Tower. The building will ring in at 1,550 feet tall.

The developers will begin pre-selling condos later this year.

Extell Development Co. is a luxury real estate development firm based in New York with a portfolio exceeding 20 million square feet. SMI USA is an infrastructural investment company that has developed 80 mega-projects such as the Shanghai Tower.

— Christina Cannon

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