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EDC/SMI - Central Park Tower - New York - 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 Timetric's 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.

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

Reasons To Buy
- Gain insight into the project.
- Monitor the latest project developments.
- Identify key project contacts.

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EDC/SMI - Central Park Tower - New York - Project Profile
Published By :Timetric
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