Narrative
Full Description
Project narrative
On May 26, 2016, Bank of Shanghai (Hong Kong Limited) signed a $40 million secured loan agreement with CPT Investor One Holding Limited — a British Virgin Island-incorporated wholly-owned subsidiary of Genesis Central Park Tower LLC, a special purpose vehicle for the Extell Development Company — for the Central Park Tower Equity Investment Project. The borrower was expected to use the loan proceeds to support a $33 million equity contribution in the Central Park Tower Project from Genesis Central Park Tower LLC to SMI Central Park Tower LLC — a Delaware-incorporated special purpose vehicle of the Shanghai Municipal Investment (Group) USA LLC (96.7%) and Genesis Central Park Tower LLC (3.3%) for the Central Park Tower Project. The Central Park Tower is the tallest residential skyscraper in Manhattan, New York City. It is located at 225 West 57th Street. The Central Park Tower was developed by the Extell Development Company and the Shanghai Municipal Investment Group and designed by Adrian Smith + Gordon Gill Architecture. AAI Architects served as the architect of record. Lendlease was the main contractor on the project and WSP Global served as the structural engineer. CPT Investor One Holding Limited defaulted on its repayment obligations to the lender in 2019. In June 2021, Genesis CPT commenced arbitration in the American Arbitration Association against SMI Central Park Tower LLC (SMI CPT) and Shanghai Municipal Investments (Group) USA LLC (SMI US) entitled Genesis Central Park Tower LLC v. SMI Central Park Tower LLC et al., Case No. 01-21-0004-3109, in which Genesis CPT sought to enforce its rights under the Amended and Restated Limited Liability Company Agreement for SMI Central Part Tower LLC, dated June 15, 2016. Then, in August 2021, SMI CPT and SMI US filed a petition in the New York Supreme Court, entitled SMI Central Park Tower LLC et al. v. Genesis Central Park Tower LLC, Index No. 655036/2021, for a permanent stay of the arbitration, alleging that the signature of SMI's then-president, Tom Tao, was a forgery on the June 2016 LLC agreement, invalidating the agreement.
Staff comments
1. This project is also known as the 225 West 57th Street Condominium and Hotel Skyscraper Construction Project. The Chinese project title is 纽约57大道项目. 2. The facility agreement can be accessed in its entirety via https://www.dropbox.com/scl/fi/xoo9c55qkqfvsagylggq0/655036_2021_SMI_CENTRAL_PARK_TOWER_v_SMI_CENTRAL_PARK_TOWER_EXHIBIT_S__63.pdf?rlkey=06sm0nwr6ncukmdoha9p6fx63&dl=0. 3. NY state court records can be accessed at https://iapps.courts.state.ny.us/iscroll/ with index #655036-2021. 4. SMI Central Park Tower LLC — a special purpose vehicle that is legally incorporated in Delaware — is jointly owned by Shanghai Municipal Investment (Group) USA LLC (96.7%) and Genesis Central Park Tower LLC (3.3%).