Extell Suspends Construction on Central Park Tower, Not Brooklyn Point
By Chava Gourarie March 24, 2020 9:49 am
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Extell Development has halted construction on its $4 billion supertall known as Central Park Tower, while keeping other construction sites open, the company reported to the Tel Aviv Stock Exchange.
The company made the move in response to the coronavirus crisis, as New York city becomes the epicenter of the pandemic in the United States, with more than 13,000 cases in the city alone as of Monday afternoon.
While all non-essential businesses have been ordered closed in New York City since Sunday, some construction sites have remained open.
Extell will continue construction on its other projects however, including Brooklyn Point, its mixed-used development at Downtown Brooklyn, as well as the residential Lofts at Village Pier in New Jersey, per the statement.
Extell has also closed its sales and leasing offices for most of its projects, though it will make efforts to deliver contracted condos at One Manhattan Square, One57 and the Lofts at Pier Village, which opened in January of this year.
“At this time of this statement, the company can’t estimate the impact of the above on its business outcomes, because the impact is dependent on the period of time that construction is paused and the sales and leases offices will remain closed, or operating with limited function,” Extell wrote in the statement.
Central Park Tower is a 95-story condo tower at 217 West 57th Street along Billionaire’s Row that is projected to be the most expensive residential tower in the city. A seven-story Nordstrom at the base of the tower opened in 2019. When the project was announced, Extell planned to sell more than 20 units for $60 million each.
