I’m wondering if they counted the mechanical as having floors as opposed to the occupied last floor?
In their count of 131 stories?
But we all know that the number of advertised floors is very different from the number of actually legitimate floors… right?
stories =/ floors
In a bid to keep its planned Central Park Tower afloat, Extell Development Co. agreed to a deal that might one day force it to part with the luxury condo project.
A joint venture with China’s SMI USA to build the $3 billion skyscraper on Manhattan’s Billionaires’ Row comes with a deadline: If a construction loan isn’t obtained by May 24, SMI can require Extell to buy out its stake in the partnership – about $300 million – with interest. And if Extell fails to do that, SMI can push the developer to sell the entire project, according to documents filed last week on the Tel Aviv Stock Exchange, where Extell sells debt to investors.
“If I thought there was a more than 1 percent chance of that happening, I wouldn’t put that in there,” Extell’s president, Gary Barnett, said in an interview. “We’re going to get the construction loan.”
In Manhattan’s slowing luxury condo market, where lenders and investors are shying away from financing projects, the partnership with SMI offers a way forward for the West 57th Street tower, in exchange for sizable promises up front. SMI, the U.S. subsidiary of Shanghai Municipal Investment, will get 30 percent of the fees the developers collect during construction, according to the filings. The Chinese firm also will receive monthly interest payments on its investment, based on a 4.5 percent annual return.
While Extell is in charge of all day-to-day matters on the project, SMI’s approval must be sought for “significant decisions,” according to the filings, written in Hebrew.
This is at 300 ft thus far. According to Barnett. From the Bloomberg Article above:
The tower has already reached 300 feet, Barnett said in the interview.
1/5 of the way there!!
Thanks for the updates, Robert! How’s this thing look in person? It looks tall already in your pics.
217 W 57th isn’t that visible yet unless you are standing in specific perspectives (across street, etc). 220 CPS is looking huge and is visible from a much wider area (same with 520 Park now).
217 may take longer to become visible simply because it is located closer to the heart of one of the densest portions of the Midtown thicket… but once its crane hits the 1K’ mark it will begin making a very very big impact very quickly. Would guess that point is still nearly a year away?
That makes sense. I bet this will top out around the end of 2017. I think the pace will pick up once they start the cantilever.
Starting to get the feeling of legitimate height about now. Up, up, and away!
I agree. It must be at least 200 feet tall by now.
I’m excited that this will actually have a giant Nordstrom located inside. It means people will actually get to go inside and take notice of the height.
Everything else on billionaires row will only have a privileged few entering, but this is open to all. Granted most people won’t see the views but at least we can walk inside!