(AP) — A condominium tower near Central Park in New York City will be the world’s tallest predominantly residential building when it opens next year but will be competing with other ultra-luxury buildings for billionaire buyers.

Extell Development Co. President Gary Barnett said Tuesday that the $3 billion, 1,550-foot (472-meter) Central Park Tower is entering an “oversupplied” market. He said Extell and its partners will have to be “flexible” in selling the building’s multimillion-dollar apartments.

Barnett spoke at a “topping out” ceremony Tuesday to celebrate the fact that the tower has reached its full height.

Apartments now listed on Central Park Tower’s website range from $6.9 million for a 33rd floor two-bedroom to $63 million for a 112th-floor five-bedroom.

Nordstrom department store will occupy the first seven floors of the West 57th Street building.