The Western Hemisphere's Tallest Resi Building Has A New JV Partner
Gary Barnett and Extell Development are no stranger to supertalls, but for his latest, the prolific developer decided to bring in a partner who knows a thing or two as well: Shanghai Municipal Investment, which developed the second-tallest building in the world, Shanghai Tower.
The Chinese government-owned company's American affiliate, SMI USA, was brought in as a co-developer on the 1,550-foot-tall mixed-use skyscraper, which will have the highly anticipated Nordstrom flagship on the ground floor, a hotel above that and condos at the highest levels.
SMI USA's investment will have "first priority," according to a release announcing the partnership, and Extell is predicting a return of 20% to 30% "over the course of the project." It's unclear how much of a percentage of the property SMI USA owns.
Sales are expected to launch later this year for the condos at 225 West 57th St, the tallest supertall coming to Billionaire's Row. Gary has already developed One57 (above), at 1,006 feet tall, and has kept his name in the news, whether it's renewing Extell's lease at 805 Third Ave, signing Target to 42k SF in the East Village or finding himself the subject of a $400M lawsuit, courtesy of Chetrit Group.