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.
