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111 West 57th Street (second tower from left), as seen from Central Park, via CityRealty 111 West 57th Street (second tower from left), as seen from Central Park, via CityRealty
More than three years after an offering plan was accepted for 111 West 57th Street, the supertall connected to the landmarked Steinway Hall is poised to launch sales later this week. The New York Times reports that the luxury slowdown and infighting among partners and lenders slowed down the sales process, but construction has continued to a point where the building is just under 1,000 feet high. When it reaches its full height of 1,428 feet, it will cast Billionaires' Row standard-bearers One57 and 432 Park Avenue in shadow.
While 111 West 57th Street won’t be the tallest on Billionaires’ Row (that honor will go to Central Park Tower), it will be the slenderest with a gradually tapered shape designed to create a sweeping play on shadow and light, not to mention to make the most of sweeping Central Park views. Instead of the glimmering glass that has come to define new construction, the design by SHoP Architects will pay tribute to more traditional buildings with a terra cotta and bronze facade. The tower will be home to 39 full-floor units and seven duplexes. The remaining 14 units will be housed in the original Steinway building at the base.
111-West-57th-Street 111 West 57th Street from the west
111-West-57th-Street-04 Studio Sofield is serving as the interior designer (Image credit: JDS Development)
Wherever they are located, all units will feature interiors by Studio Sofield with private entries, floor-to-ceiling windows, and chef’s kitchens with top-of-the-line appliances. Residents will have access to 20,000 square feet of amenities that will include a private port-cochere, gym, pool, barbershop, shoeshine stand, and lounge with – what else? – a Steinway grand piano.
The offering plan lists a sellout of approximately $1.315 billion, a figure not entirely out of reach if certain indicators are anything to go by: A teaser site says that apartments will be priced “approximately from $16 million,” and the highest-priced home will be a duplex penthouse for $57 million. While studios will start at $1.6 million, they will also be reserved for the buyers of larger apartments, presumably to be used as staff housing. Developers say that the average asking price will be $6,500 per square foot, or more than 3.5 times the Midtown West average of $1,763 per square foot (CityRealty data).
111-West-57th-Street-05 All photos taken early September (CityRealty)
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Content Specialist Michelle Mazzarella Michelle is a contributing writer and editor for real estate news in New York City
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