[ad_1]
A residential tower expected to open next year in New York will enter a crowded market of luxury properties, the developer said Tuesday.
Gary Barnett, president of Extell Development Co., said the Central Park Tower Tower, worth $ 3 billion and 1,500 feet in length, was entering an oversupplied market .
"We have to price at a reasonable price for this type of product," he said, "and we need to be flexible when we sell very large units."
The apartments listed on the Central Park Tower website range from $ 6.9 million for a two-bedroom apartment on the 33rd floor, to $ 63 million for a five-bedroom on the 112th floor.
The Central Park Tower, in the center, is under construction in New York. At 1,550 feet, the tower is the tallest residential building in the world, according to developer, Extell Development Co. (Photo AP / Mark Lennihan)
Barnett spoke at a ceremony on Tuesday to celebrate the fact that the tower – located on Manhattan's so-called billionaires row – has reached its maximum size. It took place on the 107th floor of the tower.
Critics have complained that the tall lean towers that proliferated along the southern edge of Central Park in recent years cast shadows over the park, but Barnett dismissed these concerns for the Central Park tower.
"We did parallel studies," he said. "It's just a question of, you know, sometimes someone can be sitting somewhere in the park and there will be a shadow during, I do not know, 20 or 30 minutes."
The Central Park tower is photographed under construction in New York in July. (AP Photo / Mark Lennihan)
Extell was granted the right to build the Central Park Tower by purchasing 6,000 square feet of air rights from surrounding buildings. Its 1550 feet tall makes it bigger than a One World Trade Center without its crowning summit.
The Council on Tall Buildings measures 1,776 feet in height for One World Trade Center, a count that includes the spire and makes it the tallest building in the United States. But if measured on the roof, the height of One World Trade Center will be 1,368 feet, the height of the original building destroyed on September 11, 2001.
In comparison, the Willis Tower in Chicago is 1,451 feet tall at the top of its roof and 1,729 feet tall at the top of its rooftops.
The Central Park Tower will be the tallest building in the world, mostly residential, although other buildings with a residential component are larger.
More on FOXBUSINESS.COM …
Extell's partners in the project include Nordstrom, which is building a seven-story department store at the base of the building.
Tuesday's ceremony took place just days after a StreetEasy report had revealed that more than 25% of the condos built in New York since 2013 remained unsold.
In terms of units, 16,242 condos have been built since 2013, of which 12,133 sold. This means that more than 4,100 do not have.
The median price of a condo in Manhattan is $ 2.3 million.
The view of Central Park is taken from an upper floor of the Central Park Tower on Tuesday. (AP Photo / Mark Lennihan)
The backlog of unsold units did not stop construction. According to the report, 63 buildings of more than 5,600 units are listed but the construction is not complete.
Investors appear to own a large portion of these properties as they have appeared on the rental market. According to StreetEasy, 30% of condos built since 2013 have been rented.
CLICK HERE TO READ MORE ABOUT FOX BUSINESS
Researchers say these trends could indicate a possible future recession.
"New Yorkers can expect this condominium hangover to last a long time into the future," the report predicts.
Brittany De Lea of FOX Business and Associated Press contributed to this report.
[ad_2]
Source link