$58M penthouse at 111 West 57th goes into contract

The penthouse is under contract at Steinway Building for close to asking price of $58 million, according to the developer

May.May 24, 2019 01:45 PM
Property Markets Group's Kevin Maloney (left) and JDS Development's Michael Stern with an interior rendering of 111 West 57th Street (Credit: Getty Images)

Property Markets Group’s Kevin Maloney (left) and JDS Development’s Michael Stern with an interior rendering of 111 West 57th Street (Credit: Getty Images)

Two high-profile legal battles didn’t dissuade a buyer from scooping up a penthouse apartment at 111 West 57th Street, which will be the second tallest building by roof height in Manhattan. The penthouse will have an unobstructed view of Central Park and bronze-framed windows that stretch from floor to ceiling.

111 West 57th Street (Credit: Wikipedia)

111 West 57th Street (Credit: Wikipedia)

The penthouse apartment is under contract to sell for “close to” its asking price of $58 million, the developers of 111 West 57th Street told the Wall Street Journal.

AmBase, who initially partnered with JDS Development Group and Property Markets Group to develop the building, filed its fourth claim to take the property over on Thursday.

In the complaint, the Connecticut-based group seeks to reclaim its stake in the project, citing a “corrupt agreement” between the developer and junior mezzanine lender Spruce Capital Partners that erased its stakes in the project known as the Steinway Building.

Before Douglas Elliman took over sales at the building, Corcoran Sunshine filed a $30 million lawsuit against the developers alleging self-sabotage which they say adversely affected the rate of condominium sales.

The listing will be one of the two most expensive homes to go into contract in New York so far this year, the Journal reported, citing Olshan Realty data. But the developers hope to reach even greater heights, despite the legal drama: according to New York State Attorney General filings, the building has a projected sellout of $1.3 billion. [Wall Street Journal] — Georgia Kromrei

Related Articles

Wall Street bonus season is the stuff home sellers’ dreams, as they picture eager buyers armed with hefty bonus checks and willing to pay top price. But in a buyer’s market that vision may be more like a mirage (Credit: iStock)

Here’s what Wall Street bonus season means for real estate this year

Adam Neumann and 78 Irving Place (Credit: Getty Images and StreetEasy)

Adam Neumann is asking $37M for Gramercy Park triplex

(Credit: iStock)

Residential rents continue upward march in Manhattan, Brooklyn and Queens

Redfin's Glenn Kelman (Credit: iStock)

“It’s on like Donkey Kong”: Redfin scrambling to keep up with iBuyer demand

Don Lemon and Tim Malone with their apartment at 2280 Frederick Douglass Boulevard 

CNN’s Don Lemon lists Harlem condo with fiancé broker Tim Malone

From left: 515 Park Avennue, Soori High Line, One Beacon Court, 53 East 67th Street and 15 Hudson Yards (Photos via Douglas Elliman, Compass, StreetEasy, Hudson Yards, Apartments)

Priciest homes to hit market include an UES building prime for mansion conversion

166 E. 81st St. (Credit: Google Maps, iStock)

UES townhouse once described as “infested with vermin” goes into contract

Marie-Chantal Miller, the Crown Princess of Greece, and her husband Pavlos, the Crown Prince with 385 Great Plains Rd, Southampton, NY  (Credit: Getty Images)

Royal couple buys sprawling Southampton mansion