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 9, 2016
Seismic Design Working Group calls for participation in peer review process
Research at an advanced stage.
High-rise Construction | Mar 8, 2016
Weston Williamson designs vertical neighborhood with ‘kissing towers’ in Hong Kong
The towers will connect between the 21st and 25th floors. The entire complex will sit above a high-speed rail line.
High-rise Construction | Mar 7, 2016
Russian architect Vasily Klyukin unveils design for Asian Cobra Tower
The skyscraper, which can change colors and would house a nightclub in its "mouth," is the latest idea from an unconventional thinker.
High-rise Construction | Mar 3, 2016
LA's U.S. Bank Tower to build exterior glass slide leading from 70th to 69th floors
The glass slide, part of a $50 million renovation project, will stretch 45 feet along the exterior of the building.
High-rise Construction | Mar 3, 2016
HOK’s Hertsmere House will be Western Europe’s tallest residential tower
Recently approved for development, the 67-story building will have more than 900 units.
High-rise Construction | Feb 29, 2016
China’s best new skyscrapers: Wangjing SOHO and Asia Pacific Tower are among CTBUH award winners
The award program’s first year honored projects, designers, and builders stretched across six distinct awards categories for high-rise construction.
High-rise Construction | Feb 25, 2016
Kohn Pedersen Fox wants to build a mile-high tower in Tokyo
The tower would be the centerpiece of Next Tokyo, a mini city in Tokyo Bay adapted to climate change and rising tides.
High-rise Construction | Feb 19, 2016
SHoP Architects designs supertall Brooklyn skyscraper
Developers plan to incorporate a landmark bank into the tower's footprint.
High-rise Construction | Feb 16, 2016
PLP Architecture re-imagines what it means to be a skyscraper
Coming in at just under ‘megatall’ status, the 595-meter Nexus Building forgoes the central core design typical of most skyscrapers.
High-rise Construction | Feb 8, 2016
Bjarke Ingels unveils design for winding Manhattan high-rise
The Spiral will be a 65-story tower with a half-mile’s worth of green space wrapped around its exterior.
