clock menu more-arrow no yes mobile

Filed under:

Ahead of 111 West 57th Street sales launch, condo prices creep higher

New, 2 comments

The development team is hopeful for a September sales launch

JDS Development and Property Markets Group are gearing up to publicly launch sales at the supertall luxury tower at 111 West 57th Street, and with that has jacked up the price of a dozen condos in the building. The Real Deal first reported the increases, which were reflected in materials filed with the New York Attorney General’s office.

The new markup affects 12 condos in the sky-grazing development. Prices were adjusted an average of 19 percent on those units, that include a two-bedroom on the 17th floor once asking $7.5 million and now asking $15.5 million, and a three-bedroom on the 13th floor once asking $10.2 million and now asking $13.5 million. Several of the building’s 60 condos quietly entered contract last August.

Property Markets Group declined to comment on the price increases.

Sources tell TRD that the development team is hopeful for a September sales launch, and a topping-out on the 1,428-foot tower by year’s end. The positive forward momentum at the project comes after a series of legal woes that most recently saw Corcoran Sunshine Marketing Group, who was replaced as lead sales team in May by Douglas Elliman, sue the developers over breach of contract.

Among other things, the Corcoran lawsuit alleged that the PMG head Kevin Maloney “commenced a publicity campaign underscoring his lack of desire to market the Building,” and essentially stonewalled attempts to publicly market the property. Corcoran is seeking $30 million in damages.

JDS and PMG were also engaged in a lawsuit with AmBase, a former investor, which previously sued the development team over foreclosure proceedings; the lawsuit was resolved last year.