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Old July 18th, 2017, 07:19 AM   #3341
Hudson11
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Old July 21st, 2017, 07:29 AM   #3342
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Old July 25th, 2017, 03:53 PM   #3343
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Level 27 and climbing at 111w57 #repost @jedolci #111w57 #steinwayhall #shoparchitects
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Old July 26th, 2017, 07:02 AM   #3344
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This tower is being built very quickly,won't be to long before its towering above all its neighbours
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Old July 27th, 2017, 02:14 AM   #3345
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Quote:
The cost of building the world’s skinniest skyscraper has ballooned so enormously that the 111 W. 57th St. project is facing imminent foreclosure while it’s less than one-quarter complete
https://www.google.com.mx/amp/nypost...-get-finished/
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Old July 27th, 2017, 03:05 AM   #3346
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Old July 27th, 2017, 03:13 AM   #3347
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there are two problems. The first is the bigger of the two.
1) The development partners defaulted on a loan to another party (Spruce). This could lead to foreclosure
but:

Quote:
On Wednesday a judge blocked Spruce from taking ownership of the project in a strict foreclosure procedure pending a mid-August hearing on the dispute.
so far, so good.

2) Ambase, one of the partners, is throwing a hissy-fit against its other partners over their investment. Ambase is suing Stern and Maloney.

but:

Quote:
A lawyer for Stern called the suit “baseless.” Maloney and the lender did not immediately return calls.
Quote:
Stephen Sladkus, a Manhattan real estate attorney who is not involved in the project, predicted that the 111 W. 57th St. dispute and surrounding unit foreclosures “should have little to no bearing on Billionaire Row values.”

“In all likelihood this dispute will resolve and the skinniest skyscraper, as contemplated, will eventually rise,” Sladkus said.
so, this tower is proceeding. Its not going to stop unless a judge orders it, which hasn't happened yet.
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Old July 27th, 2017, 04:02 AM   #3348
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that would be absolutely devastating!
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Old July 27th, 2017, 06:51 AM   #3349
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Will the side walls remain with so few windows for the entire height?
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Old July 27th, 2017, 12:42 PM   #3350
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I sincerely hope this problem won't end up being solved with a height decrease
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Old July 27th, 2017, 04:00 PM   #3351
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Quote:
Originally Posted by ThatOneGuy View Post
Will the side walls remain with so few windows for the entire height?
There will probably be more windows across the 80-foot wide east-west faces as the building rises, as less structural support will be needed.

Having followed this project from its inception, it always seemed that this was one project more likely to be downsized, simplified, postponed, or even canceled. It pushes the envelope from an engineering standpoint, is being built with mostly non-union labor, requires a very high $/sq. foot sellout, and has expensive (terracotta, bronze, etc.) and extravagant (when it comes to the top 175 feet of the building, which is purely ornamental) design elements.

I don't know how much in net profit JDS/PMG and their partners are expecting to clear from this building, but as the acquisition costs have been something like $250 million, and the construction costs $850 million, it looks like they were planning on at least $350 million in gross profit, as the sellout is expected to be $1.45 billion.

At first glance we might think that a project that has the potential for $350 million in gross profit won't be jeopardized by a $50-100 million shortfall, but the builders have to come up with the financial payments when they are due during the course of the project.

Maybe they can sell some of the apartments earlier (with accelerated payments) to help finance completion. But that might result in a lower sellout that would reduce profitability.

Hope it stays on course, as it's my favorite project that's rising (or planned).
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Old July 27th, 2017, 04:01 PM   #3352
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Quote:
Originally Posted by ThatOneGuy View Post
Will the side walls remain with so few windows for the entire height?
The sides will be beautiful:




From the article above “In all likelihood this dispute will resolve and the skinniest skyscraper, as contemplated, will eventually rise,” Sladkus said."
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Old July 27th, 2017, 08:55 PM   #3353
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A lot of that glass may just have concrete behind it, a la 220CPS.
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Old July 28th, 2017, 12:30 AM   #3354
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Which is ok as long as it is not visible from outside.
It would be areal bummer if this projects stops.
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Old July 28th, 2017, 03:38 AM   #3355
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Old July 28th, 2017, 10:34 PM   #3356
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On hold?

https://www.dezeen.com/2017/07/28/wo...op-architects/
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Old July 28th, 2017, 10:45 PM   #3357
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Let's not jump to conclusions until some photogs can confirm no visible workers at the site. We've seen articles like this for about a year now. Could just be media over dramatizing things.
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Old July 28th, 2017, 11:07 PM   #3358
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They need to bring Steve Kowalchuk back. Also Juan and his wheelbarrow
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Old July 28th, 2017, 11:12 PM   #3359
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just saw the news on my fb news feed and rushed to ssc ! this musn't happen!
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Old July 29th, 2017, 12:00 AM   #3360
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Quote:
Originally Posted by spectre000 View Post
Let's not jump to conclusions until some photogs can confirm no visible workers at the site. We've seen articles like this for about a year now. Could just be media over dramatizing things.
Let's hope.
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