New York’s skinniest supertower is about to be “in a world of pain.”
One of the tallest residential buildings in the nation, 111 W. 57th St., is just weeks away from missing its construction deadline, known as an “outside date,” thanks to years of delays and the construction moratorium caused by the COVID-19 pandemic.
If that happens, in-contract buyers could — and likely would thanks to coronavirus fears and an abysmal stock market — walk away with their deposits, leaving the $1.45 billion development empty.
Prices at the Billionaires’ Row building, which started construction back in 2014, range from $8.7 million for a two-bedroom to $57 million for a four-bedroom penthouse, according to StreetEasy. Curbed reported last year that its penthouse was in contract for close to the full ask, meaning that the tower’s marquee deal could potentially evaporate in the coming weeks.
One of the 46-unit, 1,428-foot-high tower’s developers, Kevin Maloney of Property Markets Group, says that they aren’t the only highly leveraged residential developers approaching such a deadline.
“Just about any luxury condo in New York — whether it’s complete, almost complete or partly complete — is in the same boat right now: It’s frozen,”he told the Financial Times. “There’s going to be a bunch of failed projects throughout New York.”