Big news for the city’s skinniest skyscraper: Some of the pricey condominiums of 111 West 57th Street are now in contract. The news comes by way of The Real Deal, who gleaned the intel from a quarterly earnings call for a project lender. Apollo Commercial Real Estate’s CEO Stuart Rothstein didn’t happen to mention how many units were in contract, but said they’re selling at “prices well over [Apollo’s] basis.” Intriguing!
The tower is expecting a total sellout of $1.45 billion for its 60 apartments and 33 storage units, with the least exorbitant of the condos here rumored to start at about $16 million. Pricing has not been verified by developers JDS or Property Markets Group.
Last March, the developers announced that they would be holding sales off amid a cooling market, until the building began to take shape. That now is the case: Construction on the SHoP Architects-designed tower cleared the 16th floor in March, at which time the tower stood at about one-fifth of its 1,421-foot height. Following in June, the restoration of the landmark Steinway Hall, which will serve as the entry point for the development, was unveiled. Marketing on the project is expected to resume in the fall.
But amid all that progress comes a few major setbacks. Just last week project investor AmBase lobbed yet another lawsuit at JDS and Property Markets Group, alleging that the developers failed to account for the construction cost of the project’s cranes—the development is home to the largest freestanding crane in New York City—resulting in a cost overrun of $50 million. There are other unsubstantiated allegations that the project is facing a $100 million shortfall.
The Post has also claimed that the developers have defaulted on a $25 million mezzanine loan from Spruce Capital Partners. Spruce allegedly looked to take over the property, but a judge blocked these foreclosure proceedings until a hearing that’s set to take place in the middle of August.