Financial Deadline Extended for NYC Super Tower – NMP Skip to main content

Financial Deadline Extended for NYC Super Tower

Sep 02, 2016
Efforts to secure financing on what is being planned as the Western Hemisphere’s tallest and most expensive residential tower have been quietly extended

Efforts to secure financing on what is being planned as the Western Hemisphere’s tallest and most expensive residential tower have been quietly extended.

According to a Bloomberg report, Extell Development Company has pushed back its deadline for financing of its proposed $3 billion New York skyscraper Central Park Tower from May 24, 2017, to July 31, 2017. Extell, which is headquartered in New York, made the announcement in a Hebrew-language filing with the Tel Aviv Stock Exchange, where the company sells its debt to Israeli investors.

The timeline extension is critical for Extell, which partnered on this project with SMI USA (SMI), the U.S. subsidiary of Shanghai Municipal Investment. If Extell cannot get a loan for Central Park Tower, SMI can force the company to either buy out its stake in the partnership or sell the entire project to another party.

Central Park Tower is designed to soar 1,550 feet high—taller than the Empire State Building—from a location on West 57th Street that is known as New York’s “Billionaire’s Row.” The project, which will also include the first full-line New York location for the Nordstrom’s retail chain, is scheduled for a 2019 completion. 

About the author
Published
Sep 02, 2016
Jobs Report Comes In Weak After Mortgage Rates Surge

Employers added just 29,000 jobs in September, sending Treasury yields lower and offering a potential counterweight to the recent rise in mortgage rates

Oct 02, 2026
Price Cuts Hit Four-Year High As Mortgage Rates Top 7%

More than one in five listings took a price cut in September, but pending sales still posted their sharpest annual decline since March 2025

Oct 01, 2026
Serious Mortgage Delinquencies Rise 19% After Five Months Of Improvement

ICE data shows 574,000 mortgages were at least 90 days past due in August, while early-stage delinquencies remained below year-ago levels

Sep 29, 2026
Smaller Down Payments Give Buyers More Room, But Rates Limit The Savings

The typical down payment fell 9% from a year ago, while shifting market conditions are giving originators different affordability conversations across the country

Sep 25, 2026
Mortgage Rates Break 7% Just As Builders Find A Way To Move Buyers

New-home sales rose 6.4% in August as builders cut prices, offered incentives, and sold more lower-priced homes. Now mortgage rates are moving against buyers again

Sep 25, 2026
Borrowers Want Digital Closings, But Some Originators Remain Hesitant

ServiceLink finds 45% of surveyed LOs cite borrower reluctance as a barrier, even though most recent buyers say digital options would influence their choice of mortgage provider

Sep 23, 2026