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-   -   NEW YORK | 111 W 57th St | 1,428 FT | 85 FLOORS (https://skyscraperpage.com/forum/showthread.php?t=198228)

NYguy Aug 3, 2017 12:58 AM

https://www.instagram.com/p/BXS__HlA...velopmentgroup

Quote:

Only getting better and better. #111w57 #centralpark #symmetry #nycviews

https://scontent-sea1-1.cdninstagram...NDYxNA%3D%3D.2

Crawford Aug 3, 2017 1:21 AM

First sales announced today, well over initial basis, per Apollo Real Estate (primary lenders). Official marketing kicks off this Fall, but a number of units already sold off-market.

I'll be very interested in seeing sales per square ft. compared to the other Billionaire's Row towers. My guess is slightly higher than 225 W. 57 and slightly lower than 220 CPS, though all three will be in the same general ballpark.

NYguy Aug 3, 2017 1:29 AM

Quote:

Originally Posted by Crawford (Post 7883314)
First sales announced today, well over initial basis, per Apollo Real Estate (primary lenders). Official marketing kicks off this Fall, but a number of units already sold off-market.

I'll be very interested in seeing sales per square ft. compared to the other Billionaire's Row towers. My guess is slightly higher than 225 W. 57 and slightly lower than 220 CPS, though all three will be in the same general ballpark.

This one will be a more exclusive tower compared to the others, but I expect they all will have high numbers.



https://therealdeal.com/2017/08/02/f...into-contract/

First 111 West 57th Street units go into contract
Developers halted marketing last year amid weak market


By Konrad Putzier
August 02, 2017


Quote:

It’s not all bad news at 111 West 57th Street. Amid the headlines over legal squabbles between developers Michael Stern and Kevin Maloney and investor Ambase Corporation, the first condominiums at the luxury development quietly went into contract.

Apollo Commercial Real Estate Finance, which issued a $325 million mezzanine loan on the 60-unit project, shared the news during its quarterly earnings call Wednesday. The company didn’t specify how many units are in contract, but CEO Stuart Rothstein claimed they sold at “prices well over (Apollo’s) basis.”

Last March, the developers announced they would hold off on sales, citing a weak luxury market.

“If the market were red-hot, people would be buying off plans, throwing checks down, and it’d be great,” Maloney told Bloomberg at the time. “But if you have a market where you think marketing would be ineffective for now, why would you launch and spend the money? Wait.”

Marketing hasn’t officially resumed yet, and is expected to do so in the fall, according to sources.

Stern, the CEO of JDS Development Group, declined to comment on the units that went into contract. And Maloney, who heads Property Markets Group, could not immediately be reached for comment.

According to the offering plan approved by the New York Attorney General’s Office, prices on apartments will start at $15.5 million.

The most expensive unit listed, on the 74th floor, is asking $58 million, the offering plan shows. Similar to the tactic used by competitors Extell Development at Central Park Tower and Vornado Realty Trust at 220 Central Park South, several of the largest units at 111 West 57th Street don’t yet have sticker prices.


The 1,418-foot-tall tower, designed by SHoP Architects, has a projected sellout of $1.45 billion, with an average asking sales price of $5,740 per square foot, lower than that of Central Park Tower and 220 Central Park South.

Ambase, which holds an equity stake in 111 West 57th Street, and the developers have been trading lawsuits over the past year. The small real estate investment trust accuses Stern and Maloney of trying to dilute its stake, and last week filed a lawsuit to block foreclosure proceedings that could lead to its stake being wiped out. Stern and Maloney have accused Ambase of withholding crucial funding for the tower.



alta500 Aug 3, 2017 1:58 PM

Units beginning to sell...
 
good news, amid the noise.

NYguy Aug 4, 2017 1:03 AM

https://therealdeal.com/2017/08/03/t...project-qatar/

The quiet financier behind New York’s second-tallest condo project: Qatar
Sovereign wealth fund holds $162M in mezzanine debt on 111 West 57th Street



By Konrad Putzier
August 03, 2017


Quote:

The most ostentatious projects in Manhattan may reflect the wildest ambitions of local developers, but they’re increasingly bankrolled by centers of wealth and power from all across the globe. And nowhere is that truer than on 57th Street.

Qatar’s sovereign wealth is quietly backing Michael Stern and Kevin Maloney’s supertall condo development at 111 West 57th Street, The Real Deal has learned. The wealthy Middle Eastern country’s investment arm, the Qatar Investment Authority, holds $161.5 million in mezzanine debt on the under-construction luxury project.

.....The mezzanine loan is out of balance, and the developers are trying to raise additional capital to pay for what sources said were cost overruns.
Spruce, now the most junior lender on the project, recently moved to foreclose on the project, in a move that could wipe out Ambase’s equity stake in the project. Last week, Ambase sued to block the foreclosure in the latest bout of legal drama at the project.

Ambase first sued JDS and PMG last year, accusing them of trying to dilute its stake through what it said were frivolous capital calls. The developers countersued, accusing Ambase of withholding crucial funding.

In public at least, Apollo hasn’t expressed any concern. During the earnings call, Rothstein said that the firm is “confident with the progress of construction towards completion” and disclosed that the first condos went into contract.

Once completed, the 1,418-foot-tall tower will briefly be the tallest residential building in the city by roof height until Gary Barnett’s Central Park Tower tops out. The project has a projected sellout of $1.45 billion.

QIA’s involvement in the tower underscores Qatar’s emergence as a major New York real estate investor. The sovereign wealth fund also owns a stake in Brookfield Property Partners’ Manhattan West project and last year bought $622 million worth of shares in Empire State Realty Trust. Meanwhile a former QIA head, Sheikh Hamad Bin Jassim Bin Jaber al-Thani, is an investor in Harry Macklowe’s condo conversion project One Wall Street and the retail portion of 432 Park Avenue. The billionaire, known as HBJ, also reportedly came close to investing $500 million in Kushner Companies’ planned redevelopment of 666 Fifth Avenue.

NYguy Aug 7, 2017 3:11 AM

AUGUST 5, 2017


http://m3.i.pbase.com/o10/06/102706/...806_230703.jpg



http://m4.i.pbase.com/o10/06/102706/...806_230720.jpg



http://m5.i.pbase.com/o10/06/102706/...806_230732.jpg

NYguy Aug 7, 2017 3:37 PM

JesperSoderman

https://c1.staticflickr.com/5/4371/3...07782204_h.jpg

NYCLuver Aug 11, 2017 3:17 PM

August 11th, 2017

http://imagizer.imageshack.us/v2/128...922/U1IoaD.jpg
http://imagizer.imageshack.us/v2/128...922/hlcw6s.jpg

streetscaper Aug 11, 2017 8:18 PM

From today, by me

https://farm5.staticflickr.com/4353/...73291e12_b.jpg

https://farm5.staticflickr.com/4346/...d62b8cca_b.jpg

https://farm5.staticflickr.com/4383/...7c617515_b.jpg

https://farm5.staticflickr.com/4385/...8ff7f6e9_b.jpg

https://farm5.staticflickr.com/4407/...dc70efbf_b.jpg

https://farm5.staticflickr.com/4335/...619c0fa6_b.jpg

jsbrook Aug 13, 2017 2:54 PM

Wow! So great to see the cladding start to climb. Can't wait to see this come together.

NYguy Aug 13, 2017 7:09 PM

Yes, the cladding is the most exciting part of this tower. Can't wait to see it when I return home.

Prezrezc Aug 13, 2017 11:49 PM

HTH are they gonna squeeze between the adjacent structures to clad the N/S ground floors and that area?

jayden Aug 14, 2017 12:59 PM

I can already tell that cladding will be stunning.

alta500 Aug 14, 2017 6:28 PM

Photos from the SW
 
here are some shots I took today,

https://s19.postimg.org/pbpf0v8rn/IMG_1268.jpg

https://s19.postimg.org/z7qi0iejn/IMG_1269.jpg

https://s19.postimg.org/pxedwz3tv/IMG_1270.jpg

https://s19.postimg.org/642a49qg3/IMG_1271.jpg

First unit above the solid concrete appears to be "Floor 25" base on schematic filed with NY State AG. This would imply they are now working on Floor 36/Unit 36. And they are working today.

streetscaper Aug 15, 2017 1:36 AM

great shots!

nylkoorB Aug 15, 2017 2:10 AM

Does that mean each floor will only have one unit?

NYguy Aug 15, 2017 4:24 AM

Quote:

Originally Posted by nylkoorB (Post 7893065)
Does that mean each floor will only have one unit?

Some of the units will cover 2 floors.

alta500 Aug 15, 2017 1:38 PM

Litigation
 
For anyone who is interested, there are pages upon pages of publicly available court documents available on the NY State Supreme Court website to follow the legal cases - and they are actually quite interesting (It is not actually THE Supreme Court of NY, but that is what the level is called).

Suffice it to say, IMHO the current disputes appear to be a very high profile game of chicken with all parties incented to keep construction going, yet no one wanting to given up leverage. There was a hearing yesterday that was unexpectedly delayed. It was rescheduled for the end of August.

The current foreclosure case is referenced as Index Number: 655031-2017

NYguy Aug 15, 2017 4:01 PM

Quote:

Originally Posted by alta500 (Post 7893284)
For anyone who is interested, there are pages upon pages of publicly available court documents available on the NY State Supreme Court website to follow the legal cases - and they are actually quite interesting (It is not actually THE Supreme Court of NY, but that is what the level is called).

Suffice it to say, IMHO the current disputes appear to be a very high profile game of chicken with all parties incented to keep construction going, yet no one wanting to given up leverage. There was a hearing yesterday that was unexpectedly delayed. It was rescheduled for the end of August.


Interesting. But as far as I'm concerned, it's just people with a lot of money throwing more money at people with a lot of money. I just want to see this beauty go up.




https://www.instagram.com/p/BXvi0CEj...by=ajglassberg

Quote:

The skyline will be quite different in a couple years. 111 West 57th to the left and 220 Central Park South and Central Park Tower to the right.

https://scontent-sea1-1.cdninstagram...NDYyMA%3D%3D.2

CCs77 Aug 16, 2017 2:45 AM

Although I don't think it is quite yet taller than it, by now it completely obscures that older building with the golden crown.

Quote:

Originally Posted by alta500 (Post 7892695)
here are some shots I took today,

https://s19.postimg.org/pbpf0v8rn/IMG_1268.jpg


First unit above the solid concrete appears to be "Floor 25" base on schematic filed with NY State AG. This would imply they are now working on Floor 36/Unit 36. And they are working today.



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