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.