Mixed-Use Super Project On Billionaire’s Row In Midtown Manhattan Now Targeting 2019 Completion
With the JV agreement nailed down with SMI, which built the 2,073-foot Shanghai Tower, the world’s second-tallest building, New York-based Extell announced it will launch condo unit sales at the $3 billion project at 225 West 57th St. later this year.
Extell, headed by CEO and founder Gary Barnett, has a portfolio of 20 million square feet and developed of the nearby 75-story One57, is targeting a 2019 completion for the project after starting development with EB-5 financing in 2014. The developer said SMI’s investment will have first priority, with its investment is expected to receive a return of 20% to 30% annually over the course of the project.
“We are excited to be able to participate in the development of the tallest residential tower in New York City, on a conservative high return basis. We look forward to a long lasting relationship with Extell, one of the top development companies in the United States,” said Tom Tao, President of SMI USA.
SMI has successfully completed 80 megaprojects ranging from a comprehensive reconstruction of the Bund on Shanghai’s waterfront to the Shanghai Yangtze River Tunnel.
AUG
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