Supertall residential building will enter crowded NYC market

NEW YORK — A New York City condominium tower will be the world’s tallest predominantly residential building when it opens next year, though it will be competing with other ultra-luxury buildings for billionaire buyers, the building’s developer said Tuesday. Extell Development Co. President Gary Barnett said the $3 billion, 1,550-foot Central Park Tower is entering an “oversupplied” market. “It’s just a question of, you know, occasionally somebody might be sitting somewhere in the park and there’ll be a shadow for, I don’t know, 20 or 30 minutes.” Extell secured the right to build Central Park Tower by buying 6,000 square feet of “air rights” from surrounding buildings. Central Park Tower will be the world’s tallest building that is mostly residential, although there are other buildings with a residential component that will be taller.