The Real Deal New York

Condos at 111 West 57th to have a total sellout of $1.5B 

JDS, PMG inviting Billionaires' Row brokers to Steinway sales gallery for sneak peek

October 23, 2015 04:15PM
By Rich Bockmann

Renderings of 111 West 57th Street

Renderings of 111 West 57th Street (credit: SHoP Architects)

The developers behind 111 West 57th Street have been inviting a handful of top brokers from Billionaires’ Row to visit the supertall tower’s showroom ahead of an upcoming sales launch, when condos will hit the market starting at $16 million.

The state Attorney General’s office last week approved JDS Development and Property Markets Group’s condo offering plan, which projects a total sellout of $1.45 billion.

While the sales gallery inside the landmarked Steinway Building is still under construction, JDS and PMG are inviting brokers to a sneak peek. Apartments at the 60-unit, super-skinny tower will start at a price of $16 million, according to brokers who either visited the space or got the invitation.

One pointed out that when the Zeckendorfs launched sales at the nearby 520 Park Avenue earlier this week, they started with units at the same price point.

“It must be the magic number,” the broker said.

The 1,418-foot-tall tower will have a base-to-height ratio of 1:20 when it opens in 2018, wresting the title of Hong Kong’s Highcliff Apartments for the world’s skinniest residential building.

JDS and PMG – headed by developers Michael Stern and Kevin Maloney, respectively – secured a $725 million construction loan from AIG and Apollo Global Management in June, paving the way for construction to begin on the SHoP Architects-designed tower.

Corcoran Sunshine Marketing Group is handling sales.