Posted Jun 20, 2013, 11:41 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,900
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Barnett's success here could help his other, taller tower get financed...
http://online.wsj.com/article/SB1000...799658464.html
Building Backer? Try China
By ELIOT BROWN and LINGLING WEI
June 20, 2013
Quote:
New York developer Gary Barnett has nearly completed construction on one of the most expensive condominium towers in history. Now he is looking to China to back an even larger and taller tower a block away.
Mr. Barnett, founder of Extell Development Co., is in early talks with the state-owned Export-Import Bank of China for a loan of about $1 billion to build the soaring condo and hotel skyscraper just south of Manhattan's Central Park, according to people familiar with the discussions.
The New York condo market for new towers aimed at the ultrarich has been especially hot, with contracts flying out the door at new projects, and at prices well above 2007 peak levels...."The upper end of the upper end is where you're seeing this froth," said Jonathan Miller, chief executive of appraisal firm Miller Samuel Inc. "In many ways, it's become a new housing category."
The developers of 432 Park Ave., a 1,396-foot tower under construction, say they have signed a contract to sell a $95 million unit, which would be a record sales price for a New York apartment. In lower Manhattan, an 820-foot tower in TriBeCa under construction has already seen contracts signed for more than 80% of its units.
Mr. Barnett, in particular, has been a beneficiary of the trend. His under-construction, 1,004-foot tower, One57, is slated to open later this year. Activity has been brisk—more than 70% is sold—and two condos are in contract to sell for more than $90 million each, including one to a group led by investor William Ackman, people familiar with the sales say. Total listing prices for the 92 units top $2 billion, and even 50-square-foot storage spaces go for as much as $200,000.
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