New York - EDC/SMI – Central Park Tower – Project Profile
Synopsis
"EDC/SMI Central Park Tower New York - Project Profile" contains information on the scope of the project including project overview and location. The profile also details project ownership and funding, gives a full project description, as well as information on contracts, tendering and key project contacts.The "EDC/SMI Central Park Tower New York - Project Profile" is part of database of 82,000+ construction projects. Our database includes a 10+ year archive of completed projects, full coverage of all global projects with a value greater than $25 million and key contact details for project managers, owners, consultants, contractors and bidders.
Summary
Extell Development Company (EDC) and Shanghai Municipal Investment (SMI) are undertaking the construction of a residential tower in New York, the US.The project involves the construction of a 99-story, 472m tall residential tower. It will include the construction of 179 condominiums, seven storeys of retail, anchored by a Nordstrom's department store, four floors for a hotel, a fitness center, parking facilities and the installation of elevators, safety and security systems.
Adrian Smith + Gordon Gill Architecture LLP has been appointed as design contractor.
In 2005, EDC paid the league US$23.1 million for 12,634m2 of air rights and for additional 557m2 of air rights for the cantilever; Extell paid the league an additional US$31.8 million.
Bovis Lend Lease (LLC) has been appointed as the construction contractor.
In 2013, Extell secured US$235 million land loan from Blackstone Group.
As of August 2016, Extell received US$300 million in equity from SMI.
On December 13, 2016, Extell secured a one-week extension on a US$235 million land loan from Blackstone Group. Extell is hoping to secure a construction loan to replace it, rather than going through a refinancing.
On December 16, 2016, Extell has decided to refinance a $235 million land loan with new debt from a consortium of lenders including Fortress Investment Group, Baupost Group, and JPMorgan Chase.
As of July 2017, Extell is finalizing final piece of US$900 million loans comprising US$168 million in EB-5 funds, US$300 million equity investment from Shanghai Municipal Investment (SMI USA) and from Fortress Investment Group, Baupost Group and JPMorgan Chase.
Construction activities are underway and scheduled for completion in 2020.
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EDC/SMI – Central Park Tower – New York - Project Profile
Scope
The project involves the construction of a 99-story, 472m tall residential tower in New York, the US.The US$2,980 million project includes the following:
1. Construction of 179 condominiums
2. Construction of seven-storey of retail
3. Construction of four floors for a hotel
4. Construction of parking facilities
5. Installation of elevators
6. Installation of safety and security systems
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EDC/SMI – New York - Central Park Tower
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