NEW YORK, NY -Extell Development Company, a full-service real estate developer of residential, commercial and hospitality properties, announced that Central Park Tower has topped out, which at 1,550 feet, will be the tallest residential building in the world. Located on West 57th Street, along the corridor known as “Billionaire’s Row,” Central Park Tower is the definitive New York skyscraper, offering endless views, exquisite architecture, gracious layouts and an unprecedented level of service.

“Central Park Tower is the pinnacle of development in New York and around the world,” said Gary Barnett, Founder and Chairman of Extell Development Company. “We would not be able to offer this level of design, quality and service without the contributions from the world’s most talented architects, engineers and designers.”

Extell pioneered the development of Manhattan’s Billionaire’s Row with One57, the first supertall condominium on West 57th Street. With the topping out of Central Park Tower, Extell solidifies its position as the premier developer along the corridor.

Designed by top architectural firm Adrian Smith + Gordon Gill Architecture (AS+GG), a firm committed to the design of high-performance, energy-efficient and striking architecture. Central Park Tower’s gorgeous facade features combined elements of glass, satin-finished stainless steel, and light-catching vertical and horizontal details that accentuate the interplay of texture and light. At a height of 300 feet from the street, the tower cantilevers to the east, making Central Park views for all north-facing residences.

The grand residential interiors are designed by Rottet Studio, whose projects include the St. Regis Hotel in Aspen and the Loews Regency Hotel in New York. Rottet Studio’s trademark level of detail and unique custom finishes throughout Central Park Tower make a highly sophisticated environment. The 179 ultra-luxury two-to-eight-bedroom residences start on the 32nd floor of the building and range in size from 1,435 square feet to over 17,500 square feet.

Located within the tallest residential tower ever built will be one of the world’s most exclusive private clubs, Central Park Club. The Club will offer approximately 50,000 square feet of thoroughly curated luxury amenities spread across three floors, each location providing a unique experience complemented by five-star service.

At the base of Central Park Tower, will be Nordstrom’s first full-line department store. This approximately 300,000-square-foot, seven-tale store represents the company’s largest statement for its brand and is the culmination of a 25-year search for the perfect site to open a New York flagship store. This is Nordstrom’s largest single-project investment in its over 100-year history. The store will open to the public on October 24, 2019. 

Extell is co-developing Central Park Tower with SMI USA (SMI), the US subsidiary of Shanghai Municipal Investment, a leading infrastructural investment company responsible for the esteemed Shanghai Tower, the second tallest building in the world. Lendlease, one of the world’s largest property, infrastructure, development and construction management firms, served as construction manager for Central Park Tower.

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TAMPA, FL – Preferred Apartment Communities announced that it bought 5 Oaks at Westchase, a newly constructed 218-unit Class A multifamily community in Tampa, Florida.  Built in 2019, 5 Oaks at Westchase is located in the highly desirable Westchase submarket of Tampa, Florida, an over 2,000-acre master-plotted community located in the northwest region of Tampa.

Jeff Sherman, the Company’s Executive Vice President and Managing Director of Multifamily stated:  “5 Oaks is another best-in-class investment opportunity.  The property is surrounded by affluent demographics, zoned for top-rated schools and is walkable to retail and restaurants including Costco and Starbucks.”  

5 Oaks was bought all cash; but, the Company plans to finance the property with favorable debt terms at a later date.

Mr. Sherman continued, “5 Oaks also sets the bar for design and finishes with direct elevator access, screened-in porches, quartz counters, stainless appliances and resort style amenities.”  Mr. Sherman added, “This is our second acquisition from Flournoy Development, a premier multifamily developer located in Columbus GA, and we look forward to a long working relationship.”

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PENSACOLA, FL – In its first acquisition since transitioning from single-family rental homes to institutional multifamily apartments, PIA Residential of Miami has bought Crystal Lake, Apartments, a 224-unit value-add community in Pensacola, FL for $26.3 million. The 24-acre Class B rental community at 7680 West U.S. Highway 98, is 98 percent occupied. 

“Crystal Lake has the potential to increase rents significantly since comparable properties in the market with un-renovated units currently command much higher rent levels,” says Saul Levy, PIA Residential’s co-founder and managing director in charge of investments. 

“This property is the ideal fit for our new multifamily strategy of acquiring institutional properties that generate strong cash flow and are well-positioned in high-growth markets so they can withstand a downturn in the economy,” adds Levy. “We want to make sure the majority of the return on investment comes from cash flow and not from appreciation.”

PIA Residential will continue upgrading the units and making further improvements to the property with its signature private lake regularly stocked with bass.

Present amenities include a beach volleyball court, BBQ area, kids park, car washing station and a dog park.

Cushman & Wakefield’s Gulf States Team in Birmingham, AL, headed by Jimmy Adams, vice chair and Josh Jacobs, director, brokered the sale for the seller, ExchangeRight of Pasadena, CA.   

“This was an exceptional offering because it was built in the late 1990s, was well maintained by the seller, not a lot of capital infusion is required, the historical occupancy is 97 to 98 percent so there is a strong cash flow going in and a proven value add program is already in place that’s delivering a significant rental premium,” says Jacobs.

In closing the deal, Jacobs says, “PIA was very organized, methodical, straightforward and always available to communicate. It was a very smooth close with no issues.”

Financing was arranged by Arbor Realty Trust in New York City. The Fannie Mae loan was originated by Arbor director Ari Small. “PIA got us everything we needed very quick so we were able to secure a quick rate lock,” he says. “It was an unreal deal.”  

With decades of experience and thousands of units under management, Michaelson Group, Inc. of. Jacksonville, FL, will be the on-site property managers. “Like PIA Residential, we stay very close to all our residents and will  continue to upgrade the community and its amenities to make both an enjoyable living experience for all residents and generate exceptional returns for the property owner,” says Michael Moses, chairman and CEO.

“There is clearly a strong demand for affordable workforce housing to keep up with the tremendous economic growth, currently 3 percent annually and projected to continue,” says Scott Luth, president and CEO of FloridaWest Economic Development Alliance in Pensacola. “While there is growth in the housing sector, we’re behind in that growth.”

Luth notes that job creation and hiring is up sharply as a diverse group of industries expand or launch in and around Pensacola. “The Navy Federal Credit Union has hired 7,500 people in fulfillment of their commitment to hire 10,000 new workers, ST Engineering and Aerospace has committed to 2,000 new jobs. There are 19 tenants in Pensacola’s small business incubator and growth in the government and military sector, particularly at the Pensacola Naval Air Station which is the cradle of naval aviation.”

Rebecca Ferguson, economic policy coordinator in the Office of the Mayor of Pensacola, adds that new jobs are being made by technology and cybersecurity companies that are either moving into or being formed in the city. A reliable barometer of economic health, she notes is airport passenger traffic. “May 2019 set an all – time record for (non-military) passengers flying in and out of Pensacola, a 17 percent gain.”

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