Extell Teams With Chinese Firm on Central Park Tower, Hemisphere's Tallest Residential Building

MIDTOWN MANHATTAN, NY — Extell Development officially has a partnership in getting the Western Hemisphere's tallest residential building off the ground.

The American mega-real estate developer announced a deal with Chinese mega-real estate developer Shanghai Municipal Investment to co-develop the 1,550-foot building rising at 225 W. 57th St. Construction began on the building in 2014.

Central Park Tower, as it is now officially being called, is part of the so-called Billionaire's Row towers which have garnered controversy for blocking out sunlight to Central Park. Central Park Tower joins One57, 432 Park Avenue and 111 W. 57th Street as supertall buildings — at least 300 meters (984 feet) — on 57th Street.

Extell is also responsible for developing One57, while SMI is the developer behind Shanghai Tower, the second-tallest building in the world.

Central Park Tower will be the second-tallest building in New York behind 1 World Trade Center once completed.

The building is set to cost $3 billion and open sometime in 2019. Don't worry though, along with the announced partnership with SMI, it was announced that sales would launch later this year — three years before you'll be able to move in.

Central Park Tower, which was previously unofficially referred to as Nordstrom Tower, will hold the first Nordstrom store in New York. The department store will reportedly fill the first seven floors of the building.

The announcement included a rendering of the slightly altered new design by Adrian Smith + Gordon Gill Architecture, which designed the world's tallest building, the Burj Khalifa in Dubai, and future world's tallest building, the Kingdom Tower in Saudi Arabia. It does not include the spire once included on top of the building.

Photo Credit: Extell Development Company