$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

TRD NEW YORK /
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


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