Supertall residential building will enter crowded NYC market

Supertall residential building will enter crowded NYC market
The Central Park Tower, center, is under construction, Tuesday, Sept. 17, 2019 in New York. At 1550 feet (472 meters) the tower is the world's tallest residential apartment building, according to the developer, Extell Development Co. (AP Photo/Mark Lennihan)

NEW YORK (AP) — A condominium tower near Central Park in New York City will be the world’s tallest predominantly residential building when it opens next year but will be competing with other ultra-luxury buildings for billionaire buyers.

Extell Development Co. President Gary Barnett said Tuesday that the $3 billion, 1,550-foot (472-meter) Central Park Tower is entering an “oversupplied” market. He said Extell and its partners will have to be “flexible” in selling the building’s multimillion-dollar apartments.

Barnett spoke at a “topping out” ceremony Tuesday to celebrate the fact that the tower has reached its full height.

Apartments now listed on Central Park Tower’s website range from $6.9 million for a 33rd floor two-bedroom to $63 million for a 112th-floor five-bedroom.

Nordstrom department store will occupy the first seven floors of the West 57th Street building.