111 West 57th Street penthouse sells for $47M

Unknown buyer closed for $6.6M under asking

PH78 111 West 57th Street and JDS Development's Michael Stern
PH78 111 West 57th Street and JDS Development's Michael Stern (Wikipedia/Short Final, Getty, JDS Development)

A penthouse at 111 West 57th Street sold last month for $47.2 million, down from the $53.8 million asking price listed in the condo’s offering plan, according to ACRIS.

An unknown buyer paid about $7,300 per square foot for the 78th-floor apartment at the supertall developed by JDS Development and Property Markets Group. Mansion Global first reported the sale in February but was not able to confirm it with property records at the time. 

The 6,500-square-foot unit is one of a collection of eight in the building with floor-to-ceiling windows offering sweeping views of Central Park and the city skyline. It has four bedrooms and four bathrooms. 

The sale of PH78 is among some of the most expensive in the building, including a 74th-floor penthouse that closed for over $50 million in October 2022, one month before Tik Tok investor Tim Gong paid $34 million for two units at the building.  The developer told the Wall Street Journal in 2019 another penthouse had entered contract for $58 million

Sign Up for the undefined Newsletter

The Corcoran Group heads sales at the Billionaire’s Row tower. The firm took over last February from Douglas Elliman.

The development of the 84-story tower ran into some controversy. In a 2021 lawsuit, JDS Construction alleged US Crane & Rigging failed to properly tie up a crane at the Midtown site, which led to it spinning out of control into glass and facade panels during Hurricane Zeta. 

The developers constructed the tower above the landmarked Steinway Hall, which previously served as the piano maker’s original showroom built in 1925. 

The tower is the second tallest residential building in the Western Hemisphere with the additional 1,428 feet of tower extending from the original structure. It has 60 residences, including 14 in Steinway Hall and 46 full-floor and duplex units.

Read more

JDS Development's Michael Stern with 111 West 57th Street (JDS Development/SHoP Archictects)
New York
111 West 57th Street snatches Manhattan’s priciest contract
From left: JDS Development Group's Michael Stern and Susquehanna International Group's Tim Gong along with 111 West 57th Street (Photo Illustration by Steven Dilakian for The Real Deal with JDS, SIG China, TikTok and Kidfly182, CC BY-SA 4.0 - via Wikimedia Commons)
New York
TikTok investor buys twice 111 West 57th Street
Recommended For You