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.
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.
Here’s a closer look at Property Markets Group and the Hakim Organization’s upcoming Long Island City skyscraper dubbed Queens Plaza Park. Slated to soar 70 stories-plus into Queens Plaza’s burgeoning skyline, the 915-foot tall building will contain a whopping 800 units, and will be, by far, the largest and tallest residential building outside of Manhattan.
Positioned at the forefront of transit-accessible Queens Plaza, the project will encircle and incorporate the 88-year old Manhattan Bank Building (affectionately dubbed “the clock tower”). The joint-venture acquired the building for $31 million last November, which itself was once the tallest building on Long Island, and is now calendared to be designated an official city landmark.