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 | Jan 18, 2019
‘Paramount’ will become Nashville’s tallest tower
Goettsch Partners is the project’s architect.
High-rise Construction | Jan 14, 2019
AS+GG-designed tower will be the tallest in China
The tower is at the center of the Shimao Longgang Master Plan.
High-rise Construction | Jan 10, 2019
Indoor-outdoor amenities open leasing value at a San Francisco skyscraper
The amenities that set this 605-foot-tall building apart are its 50,000 sf of outdoor and open spaces that include 14 skydecks and large terraces on its 12th and 28th floors.
High-rise Construction | Dec 13, 2018
Record number of 'supertall' towers were completed in 2018
Citic Tower in Beijing and Vincom Landmark 81 in Ho Chi Minh City are among 18 "supertall" skyscrapers completed this year—a record number, according to the Council on Tall Buildings and Urban Habitat.
High-rise Construction | Aug 27, 2018
The world’s tallest buildings with dampers
The CTBUH created the list as part of a recent study.
High-rise Construction | Aug 8, 2018
Bjarke Ingels Group’s new Shenzhen tower includes a folded building envelope
The new skyscraper is the home of Shenzhen Energy Company.
Multifamily Housing | Aug 7, 2018
Even after redevelopment, the iconic 'Chicago Tribune' sign will remain at 435 N. Michigan Ave.
The newspaper and the building's new owners reached a settlement.
Lighting | Aug 1, 2018
Willis Tower upgrades antenna lighting
The new lights will save Willis Tower more than 70% in antenna-lighting energy costs.
High-rise Construction | Jul 31, 2018
A 350-foot waterfall splashes down from a skyscraper in China
The tower is located in Guiyang’s central business district.
High-rise Construction | Jul 10, 2018
SOM-designed 100 Leadenhall Street will be one of the tallest buildings in the U.K.
The tower will rise in the City of London’s eastern cluster.
