Michael Stern’s JDS Development and Kevin Maloney’s Property Markets Group have begun construction at the ultra skinny 1,350-foot hotel and condominium tower in Midtown, slated to be the city’s tallest residential tower if all goes as planned.
The 60-foot-wide SHoP Architects-designed structure, slated to rise at 111 West 57th Street (previously reported as 107 West 57th Street), will stand 100 feet taller than the Empire State Building and is partially situated on a landmarked site.
Excavation began this week, the New York Post reported.
The Landmarks Preservation Commission approved the design back in October of last year. The planned tower would be covered with bronze-and-white terra-cotta stripes, as The Real Deal previously reported.
Property Markets bought the parcel, along with the land lease, 45,000 square feet of air rights and a neighboring property for $131.5 million in March of 2013.