Posts tagged with "111 West 57th Street":

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Facing soaring costs, the world’s skinniest skyscraper is facing foreclosure

Faced with enormous budget costs, the world’s skinniest skyscraper on Billionaire’s Row in New York City could be headed towards foreclosure, the New York Post first reported.

The SHoP-designed building on 111 W. 57th Street has only been built up to 20 stories and is already $50 million over budget. Real estate investment corporation AmBase filed a lawsuit in the Manhattan Supreme Court against the project’s developers and the lender over construction cost overruns.

AmBase, which had invested over $70 million into the building, blamed sponsors Kevin Maloney and Michael Stern, as well as Spruce Capital Partners.

“Apparently they 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,” AmBase’s attorney Stephen Meister said to the Post.

Maloney, Stern, and AmBase had defaulted on a $25 million mezzanine loan from Spruce Capital Partners in June, according to the Post. The proposed mezzanine loan would allow the lender (Spruce) to take control of the asset in a default situation.

But on Wednesday, a judge enforced a strict foreclosure procedure, blocking Spruce from taking ownership of the project. If Spruce puts the building up for foreclosure, however, AmBase could potentially get back some of its $70 million investment.

An earlier report by The Real Deal revealed that the developers were facing a $100 million cash deficit and that AmBase already sued the developers last year, alleging that they were trying to “dilute its stake” in the project.

The building was meant to rise 1,400 feet, or 82 stories. It made headlines as the world’s most slender building, with a height-to-width ratio of 24:1 and a floor plate measuring 60 feet by 80 feet.

111 W. 57th Street is not the only building on the oversaturated Billionaire’s Row in trouble. A penthouse apartment at One57 on 157 W. 57th Street, the supertall that started it all, is awaiting its foreclosure auction.

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The tallest crane ever in New York City was just installed to build SHoP’s Manhattan supertall

The tallest freestanding crane ever erected in New York City is now in place to help SHoP's bronze, glass, and terracotta 57th Street tower rise to 1,428 feet. For those doing the math, that's about 32 feet taller than Raphael Viñoly's 432 Park and almost 100 feet shorter than the roof over at the Adrian Smith + Gordon Gill–designed "Central Park Tower," the supertall formerly known as "Nordstrom Tower." JDS Development, the company behind SHoP's 111 West 57th Street tower, told YIMBY that the building's crane was erected over the weekend and tops out at over 220 feet. The building is slated to be completed in 2017 with apartments starting at $14 million. So at least enjoy the view of the crane, because chances are slim you'll be enjoying the views from inside the tower.
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Talking SHoP with facades expert Gregg Pasquarelli

Since its founding in 1996, SHoP Architects has been committed to fostering architectural innovation despite on-the-ground constraints. In New York, those constraints often take the form of municipal regulations. "From day one SHoP was always a firm that was interested in pushing the limits of design, really getting into materials and craftsmanship," said principal Gregg Pasquarelli. "But we were also building in the pressure tank of New York, where a lot of the innovation has to occur in the skins of the buildings, because zoning is so prescriptive." Pasquarelli will outline his firm's approach to cutting-edge facade design in the context of New York's regulatory environment in the afternoon keynote address at next month's Facades+ NYC conference. For SHoP, "innovation" extends not just to the materials and systems the firm uses, but to the way the architects with other members of the AEC industry. "We learned that to build innovative facades, we had to interact with the construction industry in a new way," he said. In 2003, for a 20,000-square-foot addition to the historic Porter House warehouse, the designers collaborated with the fabricator to digitally design a custom zinc skin. "It was 2002 and it was the first facade completely designed and manufactured using 100 percent digital fabrication," said Pasquarelli. "We were way out in front of everyone, but it was our joint venture with the developer and the contractor that allowed innovation." SHoP has carried a similar strategy through to more recent projects, including the 2012 Barclays Center, which Pasquarelli describes as “ the only way to get that facade built was to create a joint venture with the contractor in order to fabricate the 12,000 panels of weathered steel for the facade." SHoP is known for, among other things, its creative use of a varied material palette. The paired towers of 626 First Avenue, currently under construction, are clad in copper; the recently-unveiled 111 West 57th Street high-rise features a terra cotta and bronze envelope. The diversity, said Pasquarelli, "is more about experimentation than anything else. The thing we don't like is working with finished materials. We are interested in raw materials, how they patina and age over time." But while many of SHoP's designs draw inspiration from the colors and textures of Manhattan's historic built environment, the architects never lose sight of their ultimate goal: moving building design forward. "What are the limits of these materials now that we're using CNC equipment to digitally fabricate facades?" asks Pasquarelli. "How can we rethink how traditional materials are used in a very twenty-first-century way?" For more information or to register for Facades+ NYC, visit the conference website.
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New renderings and details of SHoP’s supertall Midtown tower

Despite concerns that New York City’s high-end housing bubble is about to burst, the supertall towers that have come to symbolize that upper-echelon of the market keep coming, one after the other. Now, with One57 open, and 432 Park topped off, SHoP’s 111 W. 57th Street—widely seen as the most attractive of the bunch—is preparing to head skyward. As the tower begins its roughly 1,400-foot climb, new renderings and details of the project have surfaced. The new information about the highly-anticipated tower was divulged by Simon Koster, principal at the JDS Development Group, at the Municipal Arts Society's 2014 Summit for New York. CityRealty's 6sqft blog was there and reports back on the latest plans. Along with a floorplan of a typical unit in the building, 6sqft unveiled some new, detailed images of the tower's skin. On its east and west-facing sides, 111 W. 57th,  is clad in a terra cotta panels separated by glass, and bronze filigree details. The other two sides of the building are primarily glass—to provide optimal views of Central Park to the north and Lower Manhattan to the south. For residents of 111 W. 57th Street, this presents a conundrum: which view to pick. Just kidding, no it doesn't—apartments take up entire floors. When complete, the tower won't just be one of the tallest buildings in New York, it will be the skinniest skyscraper in the world with a floor plate of only 60 feet by 80 feet.