Posted May 23, 2019, 4:18 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,692
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https://www.mansionglobal.com/amp/ar...al-woes-126940
A Billionaire’s Row Building Notches Penthouse Sale Despite Legal Woes
A unit at 111 West 57th Street, which plays a role in two high profile lawsuits, sells for ‘close to’ its $58 million asking price.
BY KATHERINE CLARKE
MAY 23, 2019
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A penthouse apartment at 111 West 57th Street, a new luxury development on New York’s Billionaire’s Row that has been at the center of two high profile legal battles, is in contract to sell for "close to" its asking price of $58 million, according to the developer.
The home—a 7,175-square-foot duplex with three bedrooms—is the one of the two most expensive listings to go into contract in New York so far this year, according to research by Manhattan real-estate firm Olshan Realty. A penthouse at 212 Fifth Avenue, which was also asking $58 million, recently entered contract as well, according to listings website StreetEasy.
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The project is locally known as the Steinway Building, as it incorporates the historic former Steinway & Sons piano store building into its design. The 1920s-era rotunda-style building served as home to Steinway for about 90 years, and had a performance space where pianists like Sergei Rachmaninoff were known to have practiced. The project will comprise about 14 apartments inside the Steinway building and 46 full-floor and duplex units in the connected tower.
The lower floors of the original Steinway building will serve as the lobby according to interior designer Bill Sofield, whose clients have included companies like Tom Ford, Harry Winston and Ralph Lauren, according to his website.
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Mr. Sofield said the updated design of the rotunda was inspired by photos of the original 1925 design, which features a latticework dome wrapped in velvet. The blackened steel latticework was re-created using 3-D printing technology. The facade of the limestone building was resurfaced, and damaged stone was replaced with pieces from the original quarry in Indiana used during construction in the 1920s. The original piano loading dock was turned into a porte cochere.
"That was one of the great rooms of New York," Mr. Sofield said of the ground-floor showroom, noting that the glass display window was specially designed to eliminate glare, making the pianos look close enough to touch.
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The in-contract penthouse, seen in a rendering above, has a formal great room with ceilings of more than 26 feet and smoke gray oak floors. It spans the full width of the tower with unobstructed views of Central Park through floor-to-ceiling windows framed in bronze.
The master suite, located on the upper floor of the duplex, has its own sitting room, a wet bar and two dressing rooms. The building’s amenities include an 82-foot indoor swimming pool, a fitness center and a private dining room.
Mr. Stern said he expects construction on the Steinway portion of the building to be completed by the end of the year. The tower portion of the project is slated to be finished early next year, he said. At 1,428 feet, it will be among the tallest buildings in New York.
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