What's being billed as the tallest residential tower in the Western Hemisphere and the newest member of "Billionaire's Row" is officially a go that developers have scored a $725 million building loan, reports Crain's New York.
Financiers AIG and Apollo Global Management gave developers the loan to help cover the $1 billion building. The steeped spire will be a key feature of the 1,438-feet-tall tower, as it is supposed to resemble a "tilted deck of cards." Like other towers on the stretch of 57th Street below Central Park that's come to be known as Billionaire's Row, it will be both super tall and super thin — only this one will be record-breaking. Covering 316,000 square feet but measuring only 60 feet across, it will be the most slender tower in the world, according to Curbed.
Although some construction has already began, the real work on the SHoP Architect design for 111 W. 57th St. reportedly will start within weeks. With the loan expiring in four years, developers JDS Development and Property Markets Group have until then to sell all 60 units before the tower's opening in 2018.
Besides being able to call itself the tallest tower on the row, it also will be able to say it's one of the most expensive — to live in the 80-story mega tower, where every unit will have at least one floor, prices will begin at $14 million and go upwards to $100 million.