World’s tallest residential tower now completed struggles with sales

In New York the world’s tallest apartment tower, Central Park Tower, has celebrated its ‘topping off’ ceremony and will welcome residents in 2020.

Designed by architecture firm Adrian Smith + Gordon Gill and built by developers Extell on ‘Billionaire’s Row’, the tower reaches 472.4 metres high above Central Park.

GALLERY  

Costing $US3bn after it was initially projected to cost $US1.9bn, the tower will deliver 179 apartments, the most expensive of which is expected to sell for $US7 million.

The company is hoping total sales will reach $US4bn.

However it may be entering into an overcrowded market on Billionaire’s Row, where the median price of pending purchases dropped 91 per cent from a year earlier.

Close to 40 percent of seven recent towers in the Central Park South area remain unsold, with new builds struggling to find buyers.

“The slowdown people talk about in New York City is not demand driven, it’s supply driven,” said Extell founder Gary Barnett.

“We have to price it at a reasonable range for this type of product and we have to be flexible when we’re selling the really large units.

“Central Park Tower is the pinnacle of development in New York and around the world,”

“We would not be able to offer this level of design, quality and service without the contributions from the world’s most talented architects, engineers and designers.”

Residential interiors have been designed by Rottet Studio who have embellished the large light spaces with wooden parquetry flooring, marble counters and leather furnishings

The tower’s reflective exterior stands out from its brickwork neighbours, built from a mixture of glass and satin-finished stainless steel.

Its luxury amenities include a slender swimming pool, a cigar bar, a private dining room and a grand ballroom, along with conference suites, children’s play areas and a screening room.

Additionally there is a large outdoor area that includes a swimming pool, sun beds, gardens and dining areas

The apartments begin at the 32nd floor, below that is a hotel and retail that incorporates a Nordstrom department store, Nordstrom’s most significant investment to date.

It steals the trophy of world’s tallest residential building from its neighbour 1 kilometre down the same street away, Rafael Viñoly’s 432 Park Avenue which tops out at 426 metres.

Images courtesy of Adrian Smith + Gordon Gill







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