JDS’ 111 West 57th Street penthouse sells for $53M

Unit PT61 asked $58M in supertall’s offering plan

JDS’ 111 West 57th Street Penthouse Sells For $53M
JDS Development's Michael Stern; 111 West 57th Street (JDS Development, Percival Kestreltail/CC BY-SA 4.0/via Wikimedia Commons, Getty)

JDS Development has locked down another deal at 111 West 57th Street. 

An unknown buyer paid $53 million, or roughly $7,600 per square foot, for a penthouse at the Billionaires’ Row supertall in what appears to be an all-cash deal, property records show.

The condo, which traded for $7 million less than the asking price specified in the building’s offering plan, is the latest discounted deal to close at the tower. A 78th-floor penthouse closed in March for $47.2 million, down from its $53.8 million offering plan price. 

Unit PT61 spans 7,000 square feet and has three bedrooms and four bathrooms, according to an LX Collection listing. 

Corcoran has handled sales at the 60-residence tower since last February, when the team — led by Joe Alvarez, Kane Manera and Janet Wang — took over from Douglas Elliman Development Marketing. 

Corcoran did not immediately respond for comment. 

Developers JDS and Property Markets Group launched sales at the 84-story supertall in September 2018. 

Sign Up for the undefined Newsletter

Among the priciest sales at the building are a 74th-floor penthouse, which closed for $50 million last October. A month later, Tik Tok investor Tim Gong bought two units at the tower for $34 million. 

“The design and ingenuity offered at 111 West 57th Street is resonating with buyers and we are pleased with the sales success to date,” JDS head Michael Stern said in a statement. 

The supertall, known as the second tallest residential tower in the Western Hemisphere, rises 1,428 feet in the air from the landmarked Steinway Hall, built in 1925. Amenities at the building include an 82-foot swimming pool, double-height fitness center, private dining room and residents’ lounge with a terrace. 

Though it’s notched its fair share of pricey deals, the tower’s road to sellout hasn’t been all smooth sailing. 

One of the project’s lenders wrote off part of the project’s junior mezzanine loan in August, after sales failed to close as quickly as expected. Last year, the lender, Apollo Commercial Real Estate Finance, agreed to cough up $239 million to refinance the building. 

JDS Construction sued US Crane & Rigging in 2021 for allegedly failing to properly tie up a crane at the development site. During Hurricane Zeta, the crane spun out of control, smashing some of the building’s glass and facade panels. 

Read more

PH78 111 West 57th Street and JDS Development's Michael Stern
New York
111 West 57th Street penthouse sells for $47M
JDS’ Michael Stern, 111 W 57th Street, Apollo Commercial Real Estate Finance's Stuart Rothstein (Getty, Short final/CC BY-SA 4.0/via Wikimedia Commons, JDS, Apollo Commercial Real Estate Finance)
New York
Apollo writes off mezz at 111 West 57th Street
JDS Development's Michael Stern with rendering of 9 DeKalb Avenue
New York
Stern puts rental portion of Brooklyn supertall on market