In a call to Israeli bondholders Wednesday, Extell Development’s Gary Barnett reported that his firm had secured $168 million in EB-5 funds for Central Park Tower, the supertall condominium project set to rise on Billionaires’ Row.
Up to $340 million in EB-5 funds may be raised for the 95-story tower at 225 West 57th Street, Extell’s filings on the Israeli stock exchange show. The $168 million brings Barnett one step closer to procuring the $1.2 billion needed to complete the project. According to an agreement with Shanghai Municipal Investment, which invested $300 million in the project in May, Barnett must procure the funding by December 2017. Extell is still searching for a $900 million construction loan.
Since 2014, Extell has spent $939 million on the tower in construction, acquisition, and financing costs, close to $300 million of which were incurred in 2016, the filings show. The $4.4 billion sellout remains unchanged, while the completion date has been pushed back a year to November 2020, according to the year-end report.
The seven-story Nordstrom store at the base of the building is now complete, and construction has started on the residential floors above. Nordstrom’s contribution to the project increased to $426 million from $394 million, of which the retailer has paid $201 million. Nordstrom retains a put option on its investment if the store is not delivered by December 2018.
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