Spruce Capital

$57M penthouse at 111 West 57th Street joins list of NYC’s priciest pandemic sales

Photo by Peter Murdock

December 9, 2020

$57M penthouse at 111 West 57th Street joins list of NYC’s priciest pandemic sales

A penthouse apartment at the supertall 111 West 57th Street has sold for over $50 million, making it one of the priciest real estate deals in the city since the coronavirus pandemic struck this spring. Duplex Penthouse 75 sold "for around the list price" of $57 million, according to a spokesperson for the Billionaires' Row development. The two-level apartment has four bedrooms, five and a half baths, and boasts 14-foot ceilings and incredible views of Central Park.
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Real Estate Trends

Sales to begin at super-skinny supertall 111 West 57th Street; priciest units are $57M

Image: Hayes Davidson

September 7, 2018

Sales to begin at super-skinny supertall 111 West 57th Street; priciest units are $57M

By Michelle Cohen

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

August 30, 2017

Foreclosure moves ahead at Billionaires’ Row supertall 111 West 57th Street

By Dana Schulz

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 full story

Despite legal troubles, the first units at 111 West 57th Street go into contract

Rendering of 111 West 57th Street via Property Markets Group

August 3, 2017

Despite legal troubles, the first units at 111 West 57th Street go into contract

By Devin Gannon

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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July 27, 2017

World’s skinniest skyscraper at 111 West 57th Street stalled at 20 stories by soaring costs

By Michelle Cohen

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?

May 7, 2014

Will Brooklyn Be Home to a New Ace Hotel?

By Stephanie Hoina

Considering GFI Capital Resources' recent acquisition of several Bond Street parcels at the corner of Schermerhorn Street, downtown Brooklyn continues to be ripe for development in the vicinity of the Barclays Center. According to sources close to the deal, hotel developer Allen Gross, president and CEO of GFI, may be looking to bring Ace Hotel’s unique brand of lodging to the location, joining a growing list of hotels already planned for the area.
Read on for possible plans for the site

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Spruce Capital

$57M penthouse at 111 West 57th Street joins list of NYC’s priciest pandemic sales

Sales to begin at super-skinny supertall 111 West 57th Street; priciest units are $57M

Foreclosure moves ahead at Billionaires’ Row supertall 111 West 57th Street

Despite legal troubles, the first units at 111 West 57th Street go into contract

World’s skinniest skyscraper at 111 West 57th Street stalled at 20 stories by soaring costs

Will Brooklyn Be Home to a New Ace Hotel?

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