111 West 57th Street snatches Manhattan’s priciest contract

Developers sold half of last week’s luxury properties at $4M and above: Olshan

JDS Development's Michael Stern with 111 West 57th Street (JDS Development/SHoP Archictects)
JDS Development's Michael Stern with 111 West 57th Street (JDS Development/SHoP Archictects)

UPDATED, Aug. 1, 2022, 1 p.m.: Sponsor units had their moment last week, as developers sold half of the luxury properties to enter into contract.

The priciest unit to enter into contract was PH20 at JDS Development Group and Property Markets Group’s 111 West 57th Street, according to a weekly report of Manhattan residential properties priced at $4 million and above by Olshan Realty. The unit asked $21 million, raised from $19 million when the building started marketing off of floorplans in 2016.

The duplex condo has over 5,000 square feet across three bedrooms and four and a half bathrooms, along with nearly 4,000 square feet in terraces.

Terraces sit alongside the unit’s 42-foot by 25-foot great room with 26-foot ceilings, along with two downstairs bedrooms. The primary bedroom upstairs opens onto a terrace with over 2,500 square feet.

The Billionaires’ Row tower is a 60-unit, 82-story building that rises nearly 1,500 feet on the former site of the Steinway & Sons piano store. Completion is expected by the end of the year or by the first quarter of 2023.

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The second priciest home to enter into contract was PHA at developer brothers Bing & Bing’s 299 West 12th Street. The unit asked $18.3 million. It was listed in the third week of June.

The prewar condo duplex has nearly 3,000 square feet, including one bedroom, a study and two and a half bathrooms. It also has almost 2,000 square feet of landscaped terraces.

The home’s downstairs has a living room with a fireplace, a formal dining room and a kitchen. A terrace on the level partially includes a solarium that serves as an office.

The primary suite, with 14-foot ceilings and another terrace, is located upstairs.

In total, 24 contracts were signed last week. Eighteen were for condos, three were co-ops and three were townhouses.

The combined asking price for the homes was $187 million, with a median of $6.5 million. The units spent an average of 557 days on the market, with an average discount from original to last asking price of 1 percent.

This article has been updated to reflect Property Markets Group as a co-developer at 111 West 57th Street.