Extell looks to have brought in Chinese equity partner at Central Park Tower

The Central Park Tower project of Extell Development at 217 West 57th Street looks have secured a Chinese partner. This is according to new documents filed for the luxury condominium which indicates that the new partner may be SMI USA, the US branch of Shanghai Municipal Investment, the largest state-owned company in Shanghai. Extell and SMI have not confirmed on the partnership, but several documents hint it. Extell refiled with a new entity and transferred the title of the project to the new entity. The name of the new entity, SMITELL LLC, may be a combination of the two companies. In Dec 2015, another entity was regiestered with the name of SMI Central Park Tower, LLC. According to EB-5 investor documents, the tower will be 1,550 feet high and cost $2.98 billion. Read more here.