Shanghai Municipal Investment, a Chinese company, jointly with the U.S. Extell Development, intends to finance construction of Central Park Tower, which is planned to be the New York's 2nd tallest building after One World Trade Center, Global Construction Review reports on Monday.
The construction project of the building with the height of 472m, designed by Adrian Smith + Gordon Gill Architecture, is estimated at $3bn. As Extell Development's chief executive, Gary Barnett, explained, it would be a residential building “with superb location, views, design and quality”.
For its part, Shanghai Municipal Investment expects that its investment in the project will generate a return of up to 30% a year.
The new skyscraper located on Billionaires’ Row in Manhattan is scheduled to be completed in 2019.