15 Central Park West construction commences

The partners in the $1 billion luxury residence: Eyal Ofer, Zeckendorf, and Goldman Sachs.

Global Holdings Inc., owned by Eyal Ofer, Zeckendorf Development LLC, and Goldman Sachs (NYSE:GS) yesterday began construction of the luxury 15 Central Park West project on the site of the recently demolished Mayflower Hotel.

Construction will cost $900 million, in addition to the $400 million paid for the land. The partners will also pay heavy taxes and compensation to four tenants with rent controlled units who resided in the hotel. The developers will also build low-cost apartments in a second project at the corner of West 102 St and Broadway, in exchange for exceeding building limits for the 15 Central Park West project.

Taken together, these are record development costs, even for the sky-high New York real estate market.

Eyal Ofer is the son of Sammy Ofer and the brother of Israel Corp. chairman Idan Ofer.

The15 Central Park West project comprises two high-rises joined at the base, one 20 stories, and the other 40. The 202 condominiums will range 90-sq.m. one-bedroom costing $2 million to full-floor penthouses costing up to $45 million. Luxury shops will occupy the ground floor.

Move-in for the first residents is slated for early 2007.

Published by Globes [online], Israel business news - www.globes.co.il - on September 28, 2005

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