Things have been shaky for 111 West 57th Street since it came to light last month that construction on the world’s will-be skinniest skyscraper was stalled at just 20 stories after Property Markets Group‘s Kevin Maloney and JDS Development’s Michael Stern were sued by real estate investment corporation and owner AmBase. Trying to salvage their $66 million investment, Ambase filed an injunction to stop lender Spruce Capital from seizing the $1 billion project, but yesterday a Supreme Court judge ruled that a strict foreclosure could move forward, meaning AmBase will likely lose its majority ownership, according to Crain’s. On the flip side, the developers will now be able to proceed with construction on the 1,421-foot Billionaires’ Row tower, whose units started going into contract earlier this month.
Rendering of 111 West 57th Street via Property Markets Group
Just last week, 6sqft covered the financial and legal woes of Property Markets Group and JDS Development’s super tall and slender tower at 111 West 57th Street. Despite reports that construction had stalled over budget overruns and a potential foreclosure, the first condominiums, at what is lined up to be the world’s future tallest residential skyscraper, just went into contract (h/t The Real Deal). While Apollo Commercial Real Estate Finance, which issued a $325 million mezzanine loan for the project, did not share exactly how many units out of 60 are under contract, CEO Stuart Rothstein told TRD, they sold at “prices well over (Apollo’s) basis.”
The construction of Property Markets Group and JDS Development’s 1,421-foot-tall tower at 111 West 57th Street has been the subject of much anticipation and excitement, as it’s slated to be among the tallest residential skyscrapers anywhere and the world’s most slender with a height-to-width ratio of 24:1. But after rising only 20 stories, the SHoP Architects-designed Billionaires’ Row addition has stalled, plagued with budget overruns and headed for foreclosure, the New York Post reports.
For new developments, 2015 was the year of reveals, but 2016 was all about watching these buildings reshape our city. Ahead we’ve narrowed a list of 12 news-making residential structures, each noted for their distinctive design, blockbuster prices, or their game-changing potential on the skyline or NYC neighborhoods.
Which of these you think deserves 6sqft’s title of 2016 Building of the Year? Have your say below. Polls for our third annual competition will be open up until 11:59 p.m., Sunday, December 11th*, and we will announce the winner on Tuesday, December 13th!
The team behind the American Copper Buildings–JDS Development Group and SHoP Architects–teased a few interior renderings of the rental back in August, but now the project’s full site is live and there’s a slew of images of the SHoP-designed model apartments, as well as never-before-seen renderings of SCAPE Landscape Architecture’s courtyard plaza. Along with these new views comes news from Curbed that though listings for the 600 market-rate units aren’t available yet, (160 others became available through an affordable housing lottery) rents will start at $2,800/month for studios, $4,100/month for one-bedrooms, and $6,800/month for two-bedrooms.
Images via Extell and Google Maps
The construction of Extell’s high-rise condo development at the foot of the Manhattan Bridge is now well underway. When complete, 250 South Street (formerly 227 Cherry Street) will rise more than 80 stories above the East River and be home to just under 800 units, but that’s not all. As the Extell building goes up, the surrounding area is also attracting growing attention from other developers. In July, JDS Development announced plans for a rental development just next door at 247 South Street. Given the scope of the Extell development and its neighboring rental development on South Street, thousands of new residents are expected to arrive in the Cherry Street neighborhood between now and 2020. Of course, there are many neighbors who arrived first.
Last 6sqft checked on the rental building at 247 Cherry Street in the Two Bridges area of the Lower East Side, it was revealed that the tower would rise to 1,000 feet, not surprising considering it comes from the supertall power team of JDS Development and SHoP Architects. And now, after a Community Board 3 meeting earlier this week where JDS and SHoP addressed the controversial project, CityRealty.com brings a new set of renderings that show close-ups of the 77-story building’s green terra cotta facade and sky decks.
After last week’s rush of news surrounding the American Copper Buildings–the launch of its affordable housing lottery for 160 units and the first reveal of its interior renderings–6sqft decided to take a tour inside the SHoP Architects-designed project.
JDS Development Group‘s dancing East River towers have become best known for their copper facade (made up of 5,000 metal panels) and its three-story, amenity-filled skybridge that hovers 300 feet above the site at 626 First Avenue. Not only did we walk through the bridge, but we also took a peek at the buildings’ already greening copper patina, had a first look at the lap pool on the 28th floor that will float between the towers, and also checked out the insane views from the roof.
Today is the day for big reveals at the American Copper Buildings. Earlier, 6sqft broke the news that the affordable housing lottery for the project’s low-income units will begin Monday (with homes ranging from $833/month studios to $1,247/month three-bedrooms), and now Curbed has shared the first interior renderings of the 761 apartments, as well as some additional amenity details.
SHoP Architects, who designed the pair of dancing towers for JDS Development, are also responsible for the interiors, an unusual occurrence for the firm. They’ve outfitted the residences with 10-foot ceilings and floor-to-ceiling windows, and custom-designed oak floors, kitchens, lighting, and shades.
One of the flashiest new residential projects on the horizon is the American Copper Buildings, the SHoP Architects-designed dancing towers along the East River that have become best known for their three-story, amenity-filled skybridge, the highest such structure in the city at 300 feet above street level. As 6sqft previously reported, when completed early next year, the shimmering buildings will offer 761 rental units, 20 percent of which will be earmarked for low-income households. This latter group of 160 apartments has now officially come online through the city’s affordable housing lottery, ranging from $833/month studios to $1,247/month three-bedrooms.