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 | Mar 20, 2017
The world’s longest skyscraper
As supertall skyscrapers continue to pop up around NYC, an architecture firm based in New York and Athens asks, ‘What if we substituted height with length?’
High-rise Construction | Mar 3, 2017
Detroit's tallest tower to rise at site of former J.L Hudson's Department Store
SHoP Architects and Hamilton Anderson Associates will design the 52-story building.
Mixed-Use | Mar 1, 2017
New hotel and residential tower coming to San Francisco’s Transbay neighborhood
The ground-up development will feature 255 hotel rooms and 69 residential units.
Mixed-Use | Feb 27, 2017
Tallest tower in Miami to begin construction in January 2019
The tower will reach a height of 1,049 feet, the maximum height permitted by the FAA in Miami.
High-rise Construction | Feb 17, 2017
What makes a supertall tower super?
As new technologies fuel the race to build higher, three primal drivers simultaneously enable progress and keep it in check.
High-rise Construction | Feb 17, 2017
Zaha Hadid Architects-designed building to have the world’s tallest atrium
A 190-meter atrium will rise the full height of the building between two twisting sections.
High-rise Construction | Feb 8, 2017
Shanghai Tower nabs three world records for its elevators
The second tallest building in the world is officially home to the world’s fastest elevator, the tallest elevator in a building, and the fastest double-deck elevator.
Office Buildings | Feb 8, 2017
London office building employs transitional forms to mediate between the varied heights of surrounding buildings
Friars Bridge Court will provide a transition between the unvarying height of the buildings to the south and the more varied heights of the northern buildings.
High-rise Construction | Feb 6, 2017
Flexing their vanity muscles: Some of the world’s tallest buildings have hundreds of feet of non-occupiable space
The amount of the Burj Khalifa’s height that is non-occupiable is taller than most skyscrapers.
Green | Feb 3, 2017
Nanjing Green Towers will be Asia’s first vertical forest
The project will be covered in 1,100 trees and 2,500 cascading plants and shrubs.
