Posted Apr 9, 2015, 10:42 AM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,837
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http://commercialobserver.com/2015/0...n-the-country/
BY LAUREN ELKIES SCHRAM
4/08/15
Quote:
...There are at least five high-priced condos in some stage of construction along 57th Street and others on neighboring streets. (While Billionaire’s Row may extend a bit south and north to developments like Baccarat Hotel and Residences at 20 West 53rd Street and 520 Park Avenue at East 60th Street and 220 Central Park South with its potential $175 million penthouse asking price, Commercial Observer focused exclusively on the skyscrapers on 57th Street, including one that is between East 56th and East 57th Streets.)
This includes the Steinway Building at 111 West 57th Street, a condo between Avenue of the Americas and Seventh Avenue by Property Markets Group and JDS Development. The building will rise 80 stories with 60 units and has a target completion date of 2017, according to data provided by Brown Harris Stevens. It is slated to be one of the most slender buildings in the world and the city’s tallest residential tower at 1,428 feet. The building launched a teaser website last week, indicating that condos are priced from approximately $14 million.
A block west, there is Extell’s 92-story 225 West 57th Street. It will be a condo with a full-line Nordstrom department store at the base, as well as a hotel and 199 residential units. Sales are expected to start in 2017, the same year when the project is expected to be complete, BHS data indicate. Excavation is already underway. Nordstrom Tower will be 1,500 feet tall without the spire.
Across town at 252 East 57th Street, there will be a new condo/rental by World-Wide Holdings and Rose Associates. The building will have 270 units over 65 stories, BHS indicated. Sales started in September 2014 with prices starting at $4.2 million and averaging $8.3 million. It has a target completion date of this year.
Also on the East Side, Macklowe Properties and CIM Group have a hotel and condo planned at 432 Park Avenue between East 56th and East 57th Streets, at the site of the former Drake Hotel. It will be 96 stories with 104 units. Sales started in March 2013. Prices start at $17.4 million and an average $30 million, BHS data indicate. The building is 70 percent sold. With a planned completion date of this year, it had been lauded as the tallest residential tower in the Western Hemisphere, but at 1,396 it is dwarfed by 111 West 57th Street. The penthouse is reportedly in contract for $95 million.
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