News

China-US joint venture plans $3bn supertall tower for New York

15 August 2016 | By Joe Quirke | 0 Comments

Developers from China and the US have unveiled plans for a $3bn supertall residential and commercial project on Billionaires’ Row in Manhattan, New York.

Extell Development and the US subsidiary of Shanghai Municipal Investment (SMI) are investing in the 472m-high Central Park Tower, which will be the second tallest in New York after One World Trade Centre.

Image via Extell Development Company

The design will be by Adrian Smith + Gordon Gill Architecture, supertall specialists whose credits include the Burj Khalifa in Dubai and the Kingdom Tower in Saudi Arabia.

Gary Barnett, the founder and chief executive of Extell, said: “We believe the superb location, views, design and quality of Central Park Tower will make it the most important residential building ever to be built in New York City.”

Tom Tao, president of SMI USA, added: “We’re excited to be able to participate in the development of the tallest residential tower in New York City, on a conservative high-return basis.”

SMI’s says it expects its investment to generate a return of 20% to 30% a year over the course of the project.

The Central Park Tower is slated for completion in 2019, with sales launching later this year.

Image via Extell Development Company