When completed, 111 West 57th Street will tower over New York City’s Central Park. At a height of 1,421 feet and a height-to-width ratio of 24:1, the SHoP Architects-designed residential building will hold the title of world’s skinniest skyscraper.
However, it may no longer be a matter of when the tower is completed, but if it is completed. After rising just 20 stories, construction on 111 West 57th Street has ground to a halt due to ballooning costs.
As the New York Post reports, the skyscraper is already $50 million over budget and a legal battle may be brewing. In an effort to save what is left of its $70 million investment, AmBase, a real estate investment corporation, is suing the project sponsors Kevin Maloney and Michael Stern and lender Spruce Capital Partners.
AmBase’s attorney, Stephen Meister, told the New York Post Maloney and Stern “omitted some very significant items in their budget including cranes, which are very expensive in New York and can run into the millions of dollars.” Currently less than one-quarter complete, the latest Billionaires’ Row project is facing imminent foreclosure.
Related Stories
High-rise Construction | Dec 20, 2017
Another record year for high-rise construction
More than 140 skyscrapers were completed across the globe this year, including 15 supertall towers.
High-rise Construction | Oct 4, 2017
90-story mixed-use building could become Denver’s first supertall tower
Manhattan-based Greenwich Realty Capital is developing the project.
High-rise Construction | Sep 8, 2017
CTBUH determines fastest elevators and longest runs in the world in new TBIN Study
When it comes to the tallest skyscrapers in the world, the vertical commute in the building becomes just as important as the horizontal commute through the city.
Codes and Standards | Sep 5, 2017
New CTBUH initiatives to investigate link between fire and façades
In wake of Grenfell tragedy, Council forms new workgroup.
Mixed-Use | Aug 30, 2017
A 50-acre waterfront redevelopment gets under way in Tampa
Nine architects, three interior designers, and nine contractors are involved in this $3 billion project.
Codes and Standards | Aug 7, 2017
Council on Tall Buildings and Urban Habitat to create standards to measure floor area
The standards will examine existing codes and regulations to find where they are too broad or contentious.
Wood | Jun 13, 2017
The first timber high-rise in the U.S. set for construction in Portland
The building’s design, building materials, and commercial tenants are all focused on the key aspect of sustainability.
Office Buildings | May 30, 2017
How tech companies are rethinking the high-rise workplace
Eight fresh ideas for the high-rise of the future, from NBBJ Design Partner Jonathan Ward.
Mixed-Use | May 23, 2017
45-story tower planned for Miami Worldcenter
Pickard Chilton Architects will design the 600,000-sf 110 10th Street.
High-rise Construction | May 23, 2017
Goettsch Partners to design three-building Optics Valley Center complex
The Chicago-based firm won a design competition to design the complex located in Wuhan, China.
