$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


Related Articles

arrow_forward_ios
From left: 1 West End Avenue, 161 West 13th Street and 66 Ninth Avenue (Credit: StreetEasy and Wikipedia)

Porter House penthouse among NYC’s 5 priciest homes to hit the market last week

15 East 90th Street (Credit: Google Maps)

Lonely townhouse finds a match after years on market

From left: renderings of 1 Propect Park West, 85 Jay Street and 98 Front Street in Brooklyn (Credit: StreetEasy)

The priciest Brooklyn condo filings of 2019

60 East 93rd Street and Carlton Hobbs (Credit: Google Maps and Getty Images)

Why a $68M townhouse listing was abruptly pulled off the market

Zillow President Jeremy Wacksman

Zillow launches its high-stakes home-flipping business in LA

From left: the Ritz-Carlton, 32 East 1st Street, 560 West 24th Street, 301 East 80th Street and 32 West 85th Street

Five priciest homes new to market include 1897 townhouse

131-01 39th Avenue in Flushing and Alchemy ABR’s Kenneth Horn with 123-141 West 57th Street (Credit: Alchemy ABR and Google Maps)

Flushing project bigger than November’s next five largest combined

Ed Gilligan and 3 East 94th Street (Credit: Getty Images, Compass)

Don’t leave home without $21M: Amex exec’s widow sells townhouse

arrow_forward_ios