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?
While we’re used to seeing headline-stealing buildings from innovative design firm SHoP Architects–Barclays Center, the American Copper Buildings, and what will be Brooklyn’s tallest tower, to name a modest few–we don’t see SHoP-designed townhouses every day. This particular two-family home at 87 Dikeman Street in the heart of creative and laid-back Red Hook has at least four bedrooms and consists of an owners’ triplex and a rental unit plus a garden and off-street parking. But it’s the home’s design that will likely attract the most attention, with an exterior comprised of zinc panels juxtaposed with polar white concrete planks and accented by a hardwood slat screen and full-height peerless windows. This 3,080-square-foot home, its innovative design–and design pedigree–can be yours for $3.15 million.
Tour this unique Brooklyn home
SHoP’s proposed wooden tower has gotten the axe, reports The Real Deal. The wood high-rise which was slated to rise along 18th Street in Chelsea has been scrapped, as a downturn in the market has forced developer Sy Ghassemi to change course.
Things are moving ahead swiftly at the Domino Sugar Factory since Two Trees broke ground at the three million-square-foot Williamsburg mega-development last spring. In November, the lottery opened for 104 affordable units at 325 Kent Avenue, the first building at the site. Designed by SHoP Architects, who are also responsible for the project’s entire master plan, the $200 million tower has now topped off at 16 stories, and the skybridge connecting its two wings has also gone up. CityRealty paid a visit to the construction site and got a look at these new views, as well as the copper cladding that’s taken shape on the lower face of the building.
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Last spring, the first housing lottery opened at Pacific Park Brooklyn when 181 affordable units at SHoP’s 461 Dean Street (the world’s tallest modular tower) came online. It was followed a few months later by 298 openings at 535 Carlton Avenue, COOKFOX‘s entirely affordable building, and now the third set of apartments for low- to middle-income New Yorkers is open. SHoP Architects also designed an all-affordable building at 38 Sixth Avenue, adjacent to the Barclays Center, and as of today these 303 residences are up for grabs, ranging from $532/month studios to $3,695/month three-bedrooms. Households earning between 101 and 165 percent of the area media income (or up to $173,415 annually) are eligible for 198 of the units, while 105 units are set aside for those earning between 30 and 100 percent (as low as $20,126 a year).
More details and the whole qualification breakdown
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.
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Earlier this fall, the first building at Two Trees’ three million-square-foot Domino Sugar Refinery mega-development topped out. The 16-story, $200 million tower at 325 Kent Avenue was designed by SHoP Architects, the same firm responsible for the entire Williamsburg project’s master plan, and features a two-winged scheme with a central courtyard. It’ll hold a whopping 522 rental units, 104 of which will be reserved for individuals earning 40 percent of the area media income. As of today, these affordable apartments are up for grabs through the city’s housing lottery, where availability ranges from $596/month studios to $979/month two-bedrooms.
It’s been a long an tumultuous journey for 461 Dean, also know as the B2 tower, and better known as the world’s tallest prefab tower. The fire-engine-red stacked building has seen numerous delays in the last four years thanks to lawsuits, leaks, and alignment issues. Its developer Forest City Ratner even opted to exit the modular business last month—although that’s not to say that the technology developed is any less valuable (more on that ahead). But now that celebratory champagne bottle can finally be popped, as this afternoon the developer held a grand opening ceremony to kick off the official start of leasing.
more details here
The Essex Crossing megaproject is taking shape in the Lower East Side, most notably with the Market Line, the 150,000 square-foot retail area serving the project’s buildings. Within will be the new home for the neighborhood’s beloved 76-year-old Essex Street Market, upon which concept the modern retail destination was built. As 6sqft previously reported, the SHoP Architects-designed market will be among the largest in the nation. Principal Rohan Mehra of the project’s retail development firm Prusik Group told Curbed that he compares the new market to Seattle’s Pike Place Market or Barcelona’s La Boqueria, “hubs of activity” all. The Market Line will stretch over 700 feet across three buildings, incorporating the new city-operated Essex Street Market and several new spaces.
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