Another Super Tall Tower Takes To The Skies On Billionaire’s Row
111 West 57th is eye-wateringly tall and likely to be just as expensive. But as the market slows, will it sell?
Just looking at the renderings for the super tall 111 West 57th Street, which overlooks Central Park, will make those with a fear of heights a little squeamish. This doesn’t so much as scrape the sky—but take up residency in it. When completed, it will rise 82 marketed stories to 1,428 feet.
The building will be composed of the original landmarked Steinway Hall building, which was designed in 1925 by Warren and Wetmore. A new tower addition, designed by SHop Architects, will rise to skies, on the adjacent site. The Steinway Hall site will contain 12 of the development’s 58 condominium’s, which, according to New York Yimby, will each be a spacious 4,521 square feet—something of a rarity for NYC condos. In addition, there will also be 54,158 square feet of commercial space, with retail stretching from the cellar to the fourth floor. The fifth floor will have offices.
The terracotta and bronze design of the building will glint in the light and standout in a crowded skyline. It will need to: 57th Street has euphemistically been titled “Billionaire’s Row” because to the cluster of super tall, super expensive luxury towers overlooking Central Park. However, the completion of 111 West 57th Street could come at a tricky time.
As The New York Times reported in the summer, the market for apartments listed for more than $10 million has cooled. The first six months of 2016 saw an 18 percent drop in the coveted upper echelon price range over the same time the previous year. In the third quarter of 2016, fewer homes were sold above the initial asking price, according to Douglas Elliman’s latest market report.
The oversupply of inventory means that some 14,500 condos have hit—or are hitting—the market between 2015-2017. This, given the current absorption rate (how long people take to buy,) has resulted in around a four-six-year excess. Obviously, the cheaper the condo, the more people can afford it. High-priced condos in and around Billionaire’s Row, demand a certain type of high-net worth individual. Foreign investment, which has recently fueled high-end buying, has been hampered of late.
The New York Times article highlighted a price drop for properties at One57, the first of the Billionaires’ Row towers. The building decided to rent out some of the condos it couldn’t sell. Another option developers have been using is to chop full floor apartments into two, and thus lower the price—as happened at 432 Park Avenue. A pairing back of high-end fixtures is another technique used to cut costs. Whether any of these methods will be used to move the condos at 111 West 57th Street, remains to be seen.
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