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
Sustainability | Oct 4, 2016
One World Trade Center officially awarded LEED Gold certification
The skyscraper received the certification despite a setback caused by Hurricane Sandy.
High-rise Construction | Sep 23, 2016
A massive redevelopment in Tokyo reunites developer and architect
Mitsui Fudosan and SOM join forces to create OH-1, a mixed-use complex with a prominent public square.
High-rise Construction | Sep 12, 2016
Bangkok’s tallest tower is also one of its most unique
At 1,030 feet tall, MahaNakhon Tower’s height is only outdone by its arresting design.
Mixed-Use | Sep 9, 2016
Rolled book scroll-inspired mixed-use project from Aedas planned for Chongqing, China
With a bookstore at the heart of the development, the project looks to exemplify an ancient Chinese proverb that says “knowledge brings wealth.”
Office Buildings | Sep 8, 2016
Taipei’s Lè Architecture, designed by Aedas, is almost complete
The 18-story building is designed to resemble a moss-covered river pebble in Taipei’s Nangang District.
High-rise Construction | Sep 8, 2016
Construction on the tallest residential tower in western Europe could start early next year
China’s Greenland Group is the developer of four of the world’s 10 largest skyscrapers
High-rise Construction | Sep 8, 2016
Lendlease to build Aykon London One Tower
Damac, the Dubai-based developer of the project, selected the Australian property construction and development company to build the tower.
High-rise Construction | Sep 7, 2016
Shenzhen Kingkey Group submits re-planning package for what could become China’s tallest tower
The high-rise, H700 Shenzhen Tower, is one of a group of towers being built in Shenzhen’s Caiwuwei financial and commercial area.
High-rise Construction | Sep 6, 2016
Peddle Thorp Architects' solar-powered Melbourne high-rise looks to go off the grid
The skyscraper would be the first in Australia to incorporate solar cells in its façade.
High-rise Construction | Aug 22, 2016
Tall buildings with a twist: CTBUH ranks the world’s 28 tallest twisting towers
In 2005, the Turning Toroso, designed by Santiago Calatrava, was completed, making it the first twisting skyscraper in the world.
