The penthouse of 111 West 57th Street is reportedly in contract for an amount close to its $58 million asking price. Michael Stern of JDS Development, who is developing the site along with Property Markets Group and Spruce Capital Partners, confirmed the news to the Wall Street Journal.
The penthouse sets itself among New York’s priciest in-contract listings of the year, rivaling a similarly priced penthouse at 212 Fifth Avenue. (Of course it’s totally blown out of the water by hedge funder Ken Griffin’s January acquisition of a 220 Central Park South pad for a mindblowing $239,958,219.)
The 111 West 57th Street penthouse is a 7,175-square-foot three-bedroom duplex with a double-height great room overlooking Central Park. Its new status is a bright spot for a development plagued by rumors of infighting and slow sales.
The teams involved with the project are currently party to two ongoing lawsuits. The project’s legal troubles date back to 2016, when former partner AmBase sued for breach of contract saying the partners wouldn’t allow the company to sell back its equity amid cost overruns. Some of AmBase’s claims were moved to a federal court, where they were dismissed; WSJ says the developer is now appealing the decision.
The building made its official debut on the sales market in September 2018, two years after its 60 condos were initially poised to hit the market. Property Markets Group founder Kevin Maloney explained the move to Bloomberg at the time thusly:
“If the market were red-hot, people would be buying off plans, throwing checks down, and it’d be great. But if you have a market where you think marketing would be ineffective for now, why would you launch and spend the money? Wait.”
A report released by real estate appraisal firm Miller Samuel in April 2019 estimated that 111 West 57th Street has the smallest percentage of condos, around 30 percent, in contract when compared to seven other Billionaires’ Row buildings. The report estimated that Vornado Realty Trust’s 220 Central Park South was the most well-selling building of the bunch, with an estimated 80 percent (or 94) of its 117 condos either closed or in contract.