Image: Hayes Davidson
Despite a long history of financial and legal woes, Property Markets Group, Spruce Capital Partners and JDS Development’s tall and slender tower at 111 West 57th Street is gearing up to begin sales (for real this time) according to the New York Times. After years of lawsuit threats, reports that construction had stalled over budget overruns and a potential foreclosure, the 1,428-foot, 86-story tower will kick off sales, to be handled by Douglas Elliman, on September 13.
Pricing and more, this way
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.
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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.”
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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.
What could possibly have happened?
Just in time for the height of the summer season, developer Property Markets Group has released a set of new photos of their 500-foot Long Island City rental 1 QPS Tower, which has the highest rooftop pool in the city, complete with panoramic skyline views, plenty of lounge chairs, and a stylish bar area (h/t CityRealty). The new images also show off the SLCE-designed skyscraper’s other amenities, including a garden terrace, library, triple-height gym with rock climbing wall, and conference/lounge areas.
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Back in 2015, Property Markets Group and the Hakim Organization announced plans to erect the tallest tower outside of Manhattan in Long Island City at 29-37 41st Avenue. The residential building, then dubbed Queens Plaza Park, would rise 914 feet atop a Queens Plaza site and boast high-end condos and a projected $363.2 million sellout. However, in July 2016, the developers abandoned those plans, putting the site up for sale for an undisclosed amount. Now, as the Times reports, the Durst Organization has scooped up the site for $173.5 million and is considering going forward with the massive construction, but as a rental tower with more than 1 million square feet.
Just about a year ago, 6sqft revealed renderings for Queens Plaza Park, an 800-unit 70+ story, 915-foot tall skyscraper planned for Long Island City‘s Clock Tower Building site (it would’ve encircled and incorporated the 88-year-old structure). At the time, this proposed height would’ve made it the tallest tower in Queens, as well as the tallest building outside Manhattan. However, it’s now not only lost its superlatives (it’s since been outdone by the 964-foot Court Square City View Tower in LIC and JDS’ 1,066-foot 340 Flatbush Avenue Extension in Downtown Brooklyn), but the project is being scrapped altogether (h/t Curbed).
Moving past a resounding rejection from the local community board, Property Markets Group (PMG) is forging ahead with a smaller, as-of-right plan to build a condominium and townhouse development at 111 Leroy Street. On a Belgian block stretch of the street, bestriding leafy West Village and mixed-use Hudson Square, the development will replace a long-time parking lot and small commercial building at the northeast corner of Leroy and Greenwich streets.
Permits filed last year indicate PMG is seeking to build a 10-story condo tower with five adjoining townhouses. In all, the development will span 44,000 square feet, just half the scope PMG asked the community board to approve last year. That abandoned option called for a larger 30-unit condo building anchoring the site’s corner and spanning much of the Leroy Street frontage. Towards the eastern end of the site, they proposed a modest five-story affordable senior supportive housing facility as a concession to build bigger.
More details ahead
Watch out Hudson Yards, Midtown is moving east to Queens. The glassy ghetto formerly known as Long Island City is sprouting a small city worth of skyscrapers, ushering in thousands of new residents, hundreds of hotel rooms, and a few hundred thousand square feet of office space. To help us visualize the neighborhood’s upcoming transformation, the dynamos at Rockrose Development commissioned visualization experts Zum-3d to produce this exceptionally accurate depiction of the changes afoot. Inspired by the rendering, 6sqft has put together a rundown of the nearly 30 under-construction and proposed projects for the ‘hood.
See the full roster ahead
Here’s a new set of images of Property Markets Group‘s and JDS Development’s 111 West 57th Street. In case you haven’t been paying attention, the highly-anticipated tower will be among the tallest residential skyscrapers in the world, climbing some 1,421 feet high to its tip. Designed by SHoP Architects, the feathery spire is sheathed in terra cotta, bronze and a glass curtain wall. The tower will be the most slender skyscraper in the world with a height to width ratio of 24:1.
More renderings ahead