Extell Development Company has brought in a partner to help
build its controversial 50 West 66th Street skyscraper.
The company just announced that it has signed a joint
venture agreement with Tennor Holding B.V., a global investment holding company
run by German entrepreneur Lars Windhorst to co-develop the 775 ft. residential
tower on the Upper West Side between Central Park West and Columbus Avenue.
“Despite the current
challenging environment, Tennor has a long-term belief in New York’s global
importance and is undertaking a material investment in the City to support
local jobs, tax revenues and communities,” said Windhorst, chairman of the
Advisory Board of Tennor Holding B.V.
“As well, we are excited to invest and partner with Extell
in this premier development. Extell has
an extensive track record across New York residential projects which includes One57
– the record-breaking glass tower, Central Park Tower, Hyatt Times Square and
Hudson Yard’s 555TEN to name a few.”
50 West 66th was designed by Snøhetta, whose notable projects include the Norwegian National Opera and Ballet, and the San Francisco Museum of Modern Art expansion.
Earlier this year, the Board of Standards and Appeals upheld
the city’s Department of Buildings’ approval for the tower following opposition
from local landmarks groups that it was using mechanical voids to increase the
height and create the tallest building on the Upper West Side.
The building will feature 127 condominiums over 38 floors with
amenities that include an indoor pool, full basketball court, squash court and
bowling alley. The 20th floor will be dedicated to additional resident
amenities including a great room and business center, as well as a landscaped
terrace with an outdoor pool, spa and fire pit.
“We are pleased to work with Tennor on this premier
project,” said Gary Barnett, charmain and founder of Extell Development
Company. “We believe the superb
location, views, and design will make it one of the most desirable residential
buildings in New York City and expect it to be a great success for both Extell
and Tennor.”
No details of the JV were disclosed. Extell previously
secured financing from Natixis totaling $314 million for the acquisition and
pre-development costs of the project.
