Gary Barnett’s Extell Development sold a sponsor unit of the Central Park Tower at 217 West 57th Street for nearly 50 percent below its asking price. The 7,984-square-foot, four-bedroom unit was offered on the market at $95 million and sold for $49.7 million—the mystery behind the buyer, who protected his identity behind an LLC.
The residence with a 2,000-square-foot terrace and an outdoor pool was the building’s most expensive unit until it was surpassed by an 11,535-square-foot duplex created by the merger of two apartments and put on the market this August with a $150 million asking price.
The tower, which rises 1,550 feet above Midtown, opened for sales in 2018, and deeds began in February of this year. The total projected figure from sales of all units is $4 billion, making it the most expensive condo project in the city.
$4 billion, not an easy goal to reach and certainly not achievable by cutting requests by 50%. This price cut could already raise some doubts about the tallest residential tower in the world.
Construction underway at the historic Walgreens in downtown Miami
The 1936 Walgreens building is being converted into a new food and entertainment space through Julia and Henry’s that will span multi-levels.
The complex will have a total of seven levels and will include:
- A speakeasy-style bar.
- Three levels dedicated to different dining concepts.
- A music-themed collaborative space will consist of recording studios, rehearsal rooms, a podcast space, and a tattoo shop.
- A 5,000 square-foot restaurant by a Michelin-starred celebrity chef with breathtaking views of Miami and Biscayne Bay.
According to the press release, School of Whales, a fintech startup, allows investors to purchase a share of the project for just $500. The first phase of construction is scheduled to begin later this year.