Michael Stern’s JDS Development and Property Markets Group are planning a skinny skyscraper condominium on West 57th Street which will be 100 feet taller than the Empire State Building and even soar over Gary Barnett’s One57.
The joint venture submitted plans last month to the city’s Landmarks Preservation Commission that call for a roughly 1,350-foot building that, akin to a series of steps, sets back from the street as it rises higher, according to the Wall Street Journal. It is still unclear if the venture has obtained financing for the project, to be located at 107 West 57th Street. A JDS spokesman declined to comment on the financing to the newspaper, but said that the developer was looking to break ground early next year. Stern purchased the West 57th Street in 2012, and was initially planning a building of under 700 feet. Earlier this year, he and his partners opted to up the project’s scale by buying additional air rights from a nearby property and by buying a neighboring building, as The Real Deal reported. The venture has dished out over $250 million on acquisitions for the project, the newspaper added.
The planned tower would be covered with bronze-and-white terra-cotta stripes, Vishaan Chakrabarti of SHoP Architects, who is designing the building, told the newspaper. The lot is just 43-feet wide, so many of the floors would be only 4,000 to 5,000 square feet, Chakrabarti added.
Stern is best known for his Walker Tower condo conversion project in Chelsea. He recently sold his Gowanus luxury rental project at 202 8th Street to Werber Management for $37.75 million, as The Real Deal reported. [WSJ] – Hiten Samtani