Anticipation has been mounting about Property Markets Group’s skinny tower just south of Central Park, and now the building plans are officially a go.
The Department of Buildings approved the permits yesterday for the structure, which will rise 1,397 feet. The SHoP-designed residential tower, located at 111 West 57th Street, will house just one apartment per floor, for a total of 55 units. Those units are expected to sell for more than $6,000 per square foot. The building will have 80 floors and incorporate the historic Steinway Hall at its base, New York YIMBY reported.
Excavation started at the site in February. The project is expected to be completed by 2017.
Earlier this week, Property Markets Group’s Kevin Maloney said the firm is close to finalizing a $500 million construction loan for the project.