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
Design Innovation Report | Apr 19, 2023
Reinforced concrete walls and fins stiffen and shade the National Bank of Kuwait skyscraper
When the National Bank of Kuwait first conceived its new headquarters more than a decade ago, it wanted to make a statement about passive design with a soaring tower that could withstand the extreme heat of Kuwait City, the country’s desert capital.
Affordable Housing | Mar 14, 2023
3 affordable housing projects that overcame building obstacles
These three developments faced certain obstacles during their building processes—from surrounding noise suppression to construction methodology.
High-rise Construction | Feb 15, 2023
Bjarke Ingels' 'leaning towers' concept wins Qianhai Prisma Towers design competition
A pair of sloped high-rises—a 300-meter residential tower and a 250-meter office tower—highlight the Qianhai Prisma Towers development in Qianhai, Shenzhen, China. BIG recently won the design competition for the project.
Affordable Housing | Feb 15, 2023
2023 affordable housing roundup: 20+ multifamily projects
In our latest call for entries, Building Design+Construction collected over 20 multifamily projects with a focus on affordable housing. Here is a comprehensive list of all projects in alphabetical order.
Multifamily Housing | Feb 11, 2023
8 Gold and Platinum multifamily projects from the NAHB's BALA Awards
This year's top BALA multifamily winners showcase leading design trends, judged by eight industry professionals from across the country.
Multifamily Housing | Jan 19, 2023
Chicago multifamily high-rise inspired by industrial infrastructure and L tracks
The recently unveiled design of The Row Fulton Market, a new Chicago high-rise residential building, draws inspiration from industrial infrastructure and L tracks in the historic Fulton Market District neighborhood. The 43-story, 300-unit rental property is in the city’s former meatpacking district, and its glass-and-steel façade reflects the arched support beams of the L tracks.
Products and Materials | Jan 18, 2023
6 innovative products for multifamily developments
Here are six innovative products for various multifamily developments, including a condominium-wide smart electrical system, heavy-duty aluminum doors, and prefabricated panels.
Cladding and Facade Systems | Dec 20, 2022
Acoustic design considerations at the building envelope
Acentech's Ben Markham identifies the primary concerns with acoustic performance at the building envelope and offers proven solutions for mitigating acoustic issues.
High-rise Construction | Dec 7, 2022
SOM reveals its design for Singapore’s tallest skyscraper
Skidmore, Owings & Merrill (SOM) has revealed its design for 8 Shenton Way—a mixed-use tower that will stand 63 stories and 305 meters (1,000 feet) high, becoming Singapore’s tallest skyscraper. The design team also plans to make the building one of Asia’s most sustainable skyscrapers. The tower incorporates post-pandemic design features.
Mass Timber | Aug 30, 2022
Mass timber construction in 2022: From fringe to mainstream
Two Timberlab executives discuss the market for mass timber construction and their company's marketing and manufacturing strategies. Sam Dicke, Business Development Manager, and Erica Spiritos, Director of Preconstruction, Timberlab, speak with BD+C's John Caulfield.
