Sources revealed that Gary Barnett's Extell Development is currently in talks to enjoin an unknown capital partner at Central Park Tower, the developer's 1,500-foot condominium project on Billionaires' Row.
Filed documents with the State Attorney General's Office show that Extell filed an offering plan for the 182-unit development last July 2015, but withdrew the plan a month later. Sources close to the mega project speculated that Extell, together with its unknown partner, would refile the offering plan under a new sponsor name within this year.
The Central Park Tower project is expected to garner a $4.4 billion total sellout, including $4 billion worth of condo sales and $400 million from the sale of the commercial space at the tower's ground floor to Nordstrom. The average asking price for the units is over $6,500 per square foot.
One source particularly claimed that Extell is negotiating with a Chinese partner who could shed out $500 million into the project. The same source also said that the tower's design will remain unchanged.
According to Extell's withdrawn offering plan, the Central Park Tower, formerly known as the Nordstrom Tower, will contain units ranging in size from a 564-square-foot studio to a triplex penthouse measuring more than 17,800 square feet. The plans also include 18 full-floor condos measuring a massive 7,073 square feet, as well as two duplex units that take up 12,582 square feet and 11,481 square feet. Prices of these luxury units were not disclosed.
Although Extell's decision to stick with the original design is an understandable move considering the slowdown at the top of the real estate market, industry veterans are suggesting that the developer should take a second look at their plans.
"If the units are really big and really expensive at the Central Park Tower, you'd probably want to go back and see what you can do," said the Marketing Directors' Andy Gerringer.
