The penthouse of 111 West 57th Street is reportedly in contract for an amount close to its $58 million asking price. The development will be a combination of the original landmarked Steinway building designed in 1925 by Warren & Wetmore, and a new tower addition designed by our collaborators SHoP Architects on the adjacent site with interior design by Studio Sofield. The tower embraces the quality, history, and craftsmanship behind New York’s classic skyscrapers while taking advantage of the latest in engineering technology. “111 West 57th Street is an unprecedented achievement in design and engineering,” said Michael Stern, Founder and CEO of JDS Development Group. [59], By November 2017, the tower had reached a height of roughly 500 feet (150 m), and initial glass facade installation had begun. [70], Writing for Vanity Fair, Paul Goldberger referred to the plans for the tower as "quite possibly the most elegant" of the new structures planned for 57th Street and around Central Park, which include One57, 432 Park Avenue, 220 Central Park South, and Central Park Tower. 1 weather alerts 1 … The tower’s form multiplies the set-back to present a feathered, rather than a stepped profile. Evictions are on hold in New York at least until October 1. The 82-story building holds only 60 units, creating a penthouse experience in every apartment. 111 West 57th Street is a House located in the Bayonne neighborhood in New Jersey, NY. In addition, the first completed residence is being unveiled today on the 43rd floor with interior architecture and décor by world-renowned firm Studio Sofield. Website: 111 West 57th Street, Manhattan, by ShoP Architects, Nicknames: Stairway to Heaven, Steinway Tower, 105 West 57th Street, 107 West 57th Street, Proposed 2012 Construction Start 2015 Completion 2018, Civil: AKRF Façade: BuroHappold Engineering Geotechnical: Mueser Rutledge Consulting Engineers Interiors: Studio Sofield Lighting: L’Observatoire International Preservation: Jan Hird Pokorny Associates, Inc. Vertical Transportation: Van Deusen & Associates Wind: RWDI, The north side of the tower rises directly up to the pinnacle of the building. “The tower’s materiality, strength, and proportions are a testament to the deep collaboration between the JDS team and the New York-based design team of SHoP Architects, Studio Sofield, and WSP. “Michael [Stern] asked if we could make a building that was uniquely New York and absolutely modern and forward thinking, but has the DNA of the New York skyscraper embedded in it,” Gregg Pasquarelli, founding principal at SHoP, said Tuesday. [32] At the end of July 2017, Spruce claimed that it had not received payment on the $25 million mezzanine loan and filed paperwork to begin the process of foreclosure. 111 West 57th Street was built in 1940. [27] Under the terms of the deal, Steinway would remain in the building for 18 months, after which they would move out so JDS could construct a new building on the site. The Manhattan tower and landmark, reinvented. This information is not verified for authenticity or accuracy and is not guaranteed and may not reflect all real estate activity in the market. For screen reader users, all links are visible at all time, so you may ignore the control buttons, For screen reader users, all slides are visible at all time so you may ignore the control buttons, Contact us to view any available apartments in [21], In early 2012, Starwood sold a majority interest in the assemblage to JDS Development Group for $40 million but stayed on as a joint venture partner. Tower residences are available from $16 million to more than $57 million, with sizes ranging from 3,873 to 7,128 square feet, including expansive duplex penthouses, several with private outdoor space. } 111 West 57th Street, also known as the Steinway Tower,[3] is an 84-story, 1,428-foot (435-meter) supertall residential skyscraper developed by developers JDS Development Group and Property Markets Group in Midtown Manhattan, New York City. "lng": -73.9778057, [46] By June 2016, the project had risen above street level. A design tour de force embraces the classic New York skyscraper and artisan tradition and thoughtfully restores the cultural landmark Steinway Hall. [68] Around the same time, the building's 7,175 square feet (666.6 m2) penthouse entered contract for "close to" its asking price of $58 million, making it one of the most expensive New York condo sales of 2019. ", "Just How Many Skinny Luxury Towers Can We Jam Onto 57th Street? The teams involved with the project are currently party to two ongoing lawsuits. The original Steinway Hall was renovated and converted into 14 condo units while the tower contains 46 condominiums, including 7 duplex units. Additionally, since construction costs had allegedly risen by more than 10%, AmBase claimed their contract entitled them to full repayment of their $66 million investment along with 20% interest. [23] Renderings of the planned development were revealed in September, showing a sloping CetraRuddy-designed tower covered with balconies facing Central Park. The development will be a combination of the original landmarked Steinway building designed in 1925 by Warren & Wetmore, and a new residential tower addition designed by SHoP Architects on the adjacent site with interior design by Studio Sofield. But JDS and fellow developers Property Markets Group and Spruce Capital Partners know their project: the tapering shoot of terra cotta and cast bronze at 111 West 57th Street, has an advantage. 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. [55] In September 2019, AmBase's appeal of the lawsuit was dismissed by the United States Court of Appeals for the Second Circuit. [25], At the end of 2012, Steinway & Sons announced an agreement to sell their long-time headquarters, Steinway Hall at 109–113 West 57th Street. [54], AmBase refiled their lawsuit in federal court in early 2018, claiming that Maloney and Stern's alleged collusion with Spruce violated the Racketeer Influenced and Corrupt Organizations Act and seeking a $136 million judgement. 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 intricate façade is designed to be viewed from multiple scales and vantage points: Terra-cotta panels with 22 different sets of contours create a sweeping play of shadow and light from the city scale, while their glazed finish contrasts with decorative bronze filigree to provide extraordinary richness from up close. This includes an 82 foot two-lane swimming pool with private cabanas, separate sauna, steam and treatment rooms, a double-height fitness center with mezzanine terrace, a private dining room and a chef’s catering kitchen, a residents’ lounge with expansive terrace, meeting rooms and a study, 24-hour attended entrances and a dedicated concierge service. Each step corresponds with a layer of terra-cotta pilasters cladding the east and west facades. The tower rises adjacent to the historic Steinway Hall, originally designed by Warren & Wetmore, the famed architects behind New York landmarks such as Grand Central Station. [48] According to a lawsuit filed by AmBase, an investor which had purchased a 59% stake in the building for $56 million in 2013, the developers neglected to account for cost overruns reaching $50 million in relation to renting construction cranes necessary for completing the skyscraper along with complications related to excavation. 111 West 57th Street, also known as the Steinway Tower, is an 84-story, 1,428-foot (435-meter) supertall residential skyscraper developed by developers JDS Development Group and Property Markets Group in Midtown Manhattan, New York City. The new permits called for 55 luxury condominiums and a completion date of 2017. [18] The companies planned a 35-story tower on the site with 37 residential units, three lower floors of office space and ground floor and basement retail space. But if you have a market where you think marketing would be ineffective for now, why would you launch and spend the money? [3] Parkside had previously been sued in 2015 in a class action lawsuit by former workers on the site, who had alleged widespread wage theft. [42] The building was the tallest project ever in New York City to be constructed with non-union labor. On the south side of the tower, a series of setbacks appear as the tower rises. Some of AmBase’s claims were moved to a federal court, where they were dismissed; WSJ says the developer is now appealing the decision. Eleven things to consider before choosing your new home, A guide to the small towns of Hudson Valley and the Catskills. (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.). Open for Immediate Occupancy: 1-4 bedroom fully automated smart home condominiums priced from $1.25M. Becker. Get out of town and into nature by visiting one of these hiking spots near New York City—all of which are easily accessible without a car. "[8][9] Vanity Fair described it as "a subtle and graceful re-interpretation in modern form of the stepped-back, “wedding cake” towers of New York's past". [52], AmBase filed another lawsuit, claiming that developers Kevin Maloney and Michael Stern were colluding with the lender to allow a foreclosure which would wipe out AmBase's $66 million equity investment while preserving Maloney's and Stern's $35 million stake.