NEW YORK | 111 W 57th St | 1,428 FT | 85 FLOORS

[Shwayze1994]

They've started cladding.

https://www.instagram.com/p/BV5TDIIgcat/

[streetscaper]

@jdsdevelopmentgroup
https://www.instagram.com/p/BV5TDIIg...velopmentgroup

[Crawford]

Hell, yeah! Can't wait to see more cladding!

[chris08876]

Originally Posted by Crawford

Hell, yeah! Can't wait to see more cladding!

Just like the model.




Credit: http://www.skyscraper.org/EXHIBITION...GH/111Shop.php

[jsbrook]

Liftoff!! Can't wait to see more and the terracotta pieces start to take shape on the building.

[NYguy]

^ This will be one of the top facades in the City...


https://www.instagram.com/p/BV7sdXag...velopmentgroup

The strip tease has started. Behold, the restored Steinway Hall!

[1Boston]

The glass looks wicked reflective too! I thought there was a construction worker behind the glass at first and then realized that it's just his reflection...nearly a mirror, even up close.

[NYguy]

https://www.instagram.com/p/BV8ezeeg...ringpoductions

[streetscaper]

from yesterday by me

[Eidolon]

Who else here feels that this, 53W53rd, 45 Broad and the Flatbush tower are the harbingers of a new New York style? In context with the previous century while boldly setting the standards for this new one. I am giddy at the thought of what the coming years will give to us!

[NYguy]

Originally Posted by Eidolon

Who else here feels that this, 53W53rd, 45 Broad and the Flatbush tower are the harbingers of a new New York style? In context with the previous century while boldly setting the standards for this new one. I am giddy at the thought of what the coming years will give to us!

Yes, I agree. These are the new "glory days" of skyscraper building in New York.

[chris08876]

Verre (foreground) and 111 W 57th (background, closest to the park)


Credit: nico_caltabiano

[pico44]

We're at a-floor-week. Boom. I'd like to think that we hit two-floors-a-week in august and September but I'm worried that all the setbacks will keep this going at merely the present pace.

[NYguy]

JULY 9, 2017


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[chris08876]

^^^^

Nice. Mother of all photo updates.

The speed is very impressive thus far. Man, everything is happening so fast! Everywhere!!!

Too much to keep up with.

Originally Posted by pico44

We're at a-floor-week. Boom. I'd like to think that we hit two-floors-a-week in august and September but I'm worried that all the setbacks will keep this going at merely the present pace.

At first, even though this was rising and with CPT, part of me what semi-optimistic. I was like, o man, I hope it doesn't stop, but now there is no denying the rise. Even with 30 HY, took a good look at it today, and jesus, it got tall.

The whole skyline is dotted with cranes. Today on the BQE, stuck in traffic, I was playing a mental game of spotting what wasn't there 5 years ago. A lot of new stuff everywhere. In Queens/DoBro, all over period.

[chris08876]

Sounds like a minor hiccup...

= = = = = = =

Investor in 111 West 57th St. claims project faces $100M shortfall

An equity investor in the supertall condo development at 111 West 57th Street claims the developers are facing a cash shortfall of up to $100 million and may need to borrow more money, according to a filing with the Securities and Exchange Commission.

The investor, Ambase Corporation, has a contentious relationship with the developers, Michael Stern’s JDS Development Group and Kevin Maloney’s Property Markets Group, and acknowledged it has no access to communications between the developers and its lenders.

“The Sponsors have claimed that additional borrowings of $60 million to $100 million may be needed to complete the project,” Ambase said in its June 29 filing, referencing JDS and PMG. “In addition, Apollo (the mezzanine lender) has indicated that due to projected budget increases, it believes the current loan has been “out of balance”; and thus 111 West 57th Partners or its subsidiaries would need additional funding in order to complete the project.”

“(Ambase) has considered approving the additional financing, but has informed the Sponsors that it has concerns about the Proposed Budget and the implications of the Proposed Budget, as well as other questions that must be addressed first,” the filing reads.

A source close to the developers, speaking on the condition of anonymity, acknowledged that the tower’s projected cost recently increased but claimed there is no budget shortfall because JDS and PMG agreed to pump in more equity. JDS and PMG declined to comment. The SHoP-designed project is under construction and at 1,418 feet, will be New York’s tallest residential building by roof height once completed (at least until Gary Barnett’s Central Park Tower tops out). It will include 60 condos and has a projected sellout of $1.45 billion.

==========================
TRD

[NYguy]

^

The investor, Ambase Corporation, has a contentious relationship with the developers, Michael Stern’s JDS Development Group and Kevin Maloney’s Property Markets Group, and acknowledged it has no access to communications between the developers and its lenders.

Meahwhile, let's keep rising...



https://www.instagram.com/p/BWVRsNHg...=anthony_stahl

[streetscaper]

Great Find

[alta500]

Public Comments at a conference from 111 W57th Lender, Apollo Commercial Real Estate Finance June 2017:

Q: Construction [of 111 w57] is expected to be completed in say...

A: Late 2018, early 2019 for construction. By the latter part of this year or early part of next year, construction will be further enough along that you can take a prospective buyer up to any of the floors and they could see the views over Central Park. So you would expect there to be some marketing and sales action sometime next year.

[NYguy]

The ever rising city...


https://www.instagram.com/p/BWaXPRdB...tymarketsgroup