The tallest freestanding crane in the city’s history is on-site at JDS Development Group and Property Markets Group’s 111 West 57th Street in Midtown.
The 220-foot-tall crane will help the SHoP Architects-designed tower reach its targeted height of 1,428 feet – about 30 feet taller than Macklowe Properties and CIM Group’s 432 Park Avenue, but 100 feet below the roof height of Extell Development’s Nordstrom Tower at 217 West 57th Street.
At only 60 feet wide, the 80-story building will join the ranks of pencil-thin skyscrapers that look to transform the city’s skyline. Pricing for 60-unit building’s ultra-luxury condos will start at $14 million, according to New York YIMBY. The tower is slated for completion in 2017.
JDS and PMG recently secured a $725 million construction loan for the project from AIG and Apollo Global Management. The development’s majority investor, real estate investment firm Ambase Corp., limited financing and initiated talks to reduce its stake in May, The Real Deal reported. [NY YIMBY] – Rey Mashayekhi