Property Markets Group

Newly unveiled interiors mark completion of slender supertall 111 West 57th Street

Exterior photo by David Sundberg; Interior by Adrian Gaut

November 14, 2022

Newly unveiled interiors mark completion of slender supertall 111 West 57th Street

The second-tallest residential tower in the Western Hemisphere is officially complete. Last week, JDS Development Group and Property Markets Group unveiled the interiors of 111 West 57th Street, a 1,428-foot-tall building on Billionaires' Row designed by SHoP Architects. New photos show off the tower's interior architecture, including the residences and amenity spaces, all designed by William Sofield's Studio Sofield.
More here

$57M penthouse at 111 West 57th Street joins list of NYC’s priciest pandemic sales

Photo by Peter Murdock

December 9, 2020

$57M penthouse at 111 West 57th Street joins list of NYC’s priciest pandemic sales

By Devin Gannon

A penthouse apartment at the supertall 111 West 57th Street has sold for over $50 million, making it one of the priciest real estate deals in the city since the coronavirus pandemic struck this spring. Duplex Penthouse 75 sold "for around the list price" of $57 million, according to a spokesperson for the Billionaires' Row development. The two-level apartment has four bedrooms, five and a half baths, and boasts 14-foot ceilings and incredible views of Central Park.
Get the details

Real Estate Trends

See inside SHoP’s slender supertall at 111 West 57th Street

The living room of the 43rd-floor unit; Photo by Peter Murdock

October 29, 2019

See inside SHoP’s slender supertall at 111 West 57th Street

By Devin Gannon

The skinny skyscraper perfectly positioned over Central Park has officially topped out at 1,428 feet, becoming the world's second tallest residential building. Designed by SHoP Architects, 111 West 57th Street's super-slender frame allows each of the 46 full-floor and duplex condos to feel like a penthouse. In addition to the Billionaires' Row tower reaching its pinnacle height at 91 stories, new images released Tuesday provide a first look inside the residences, with 360-degree views of Manhattan and bold interiors conceived by Studio Sofield.
See inside the supertall

New Developments

Sales to begin at super-skinny supertall 111 West 57th Street; priciest units are $57M

Image: Hayes Davidson

September 7, 2018

Sales to begin at super-skinny supertall 111 West 57th Street; priciest units are $57M

By Michelle Cohen

Despite a long history of financial and legal woes, Property Markets Group, Spruce Capital Partners and JDS Development’s tall and slender tower at 111 West 57th Street is gearing up to begin sales (for real this time) according to the New York Times. After years of lawsuit threats, reports that construction had stalled over budget overruns and a potential foreclosure, the 1,428-foot, 86-story tower will kick off sales, to be handled by Douglas Elliman, on September 13.
Pricing and more, this way

August 30, 2017

Foreclosure moves ahead at Billionaires’ Row supertall 111 West 57th Street

By Dana Schulz

Things have been shaky for 111 West 57th Street since it came to light last month that construction on the world's will-be skinniest skyscraper was stalled at just 20 stories after Property Markets Group's Kevin Maloney and JDS Development’s Michael Stern were sued by real estate investment corporation and owner AmBase. Trying to salvage their $66 million investment, Ambase filed an injunction to stop lender Spruce Capital from seizing the $1 billion project, but yesterday a Supreme Court judge ruled that a strict foreclosure could move forward, meaning AmBase will likely lose its majority ownership, according to Crain's. On the flip side, the developers will now be able to proceed with construction on the 1,421-foot Billionaires' Row tower, whose units started going into contract earlier this month.
The full story

Despite legal troubles, the first units at 111 West 57th Street go into contract

Rendering of 111 West 57th Street via Property Markets Group

August 3, 2017

Despite legal troubles, the first units at 111 West 57th Street go into contract

By Devin Gannon

Just last week, 6sqft covered the financial and legal woes of Property Markets Group and JDS Development’s super tall and slender tower at 111 West 57th Street. Despite reports that construction had stalled over budget overruns and a potential foreclosure, the first condominiums, at what is lined up to be the world’s future tallest residential skyscraper, just went into contract (h/t The Real Deal). While Apollo Commercial Real Estate Finance, which issued a $325 million mezzanine loan for the project, did not share exactly how many units out of 60 are under contract, CEO Stuart Rothstein told TRD, they sold at “prices well over (Apollo’s) basis.”
Find out more

July 27, 2017

World’s skinniest skyscraper at 111 West 57th Street stalled at 20 stories by soaring costs

By Michelle Cohen

The construction of Property Markets Group and JDS Development’s 1,421-foot-tall tower at 111 West 57th Street has been the subject of much anticipation and excitement, as it's slated to be among the tallest residential skyscrapers anywhere and the world's most slender with a height-to-width ratio of 24:1. But after rising only 20 stories, the SHoP Architects-designed Billionaires' Row addition has stalled, plagued with budget overruns and headed for foreclosure, the New York Post reports.
What could possibly have happened?

July 3, 2017

New photos of Long Island City’s 1 QPS Tower show off NYC’s highest rooftop pool

By Dana Schulz

Just in time for the height of the summer season, developer Property Markets Group has released a set of new photos of their 500-foot Long Island City rental 1 QPS Tower, which has the highest rooftop pool in the city, complete with panoramic skyline views, plenty of lounge chairs, and a stylish bar area (h/t CityRealty). The new images also show off the SLCE-designed skyscraper's other amenities, including a garden terrace, library, triple-height gym with rock climbing wall, and conference/lounge areas.
Check out all the photos

December 16, 2016

Durst Organization pays $173.5M for LIC site once slated for tallest tower in Queens

By Diane Pham

Back in 2015, Property Markets Group and the Hakim Organization announced plans to erect the tallest tower outside of Manhattan in Long Island City at 29-37 41st Avenue. The residential building, then dubbed Queens Plaza Park, would rise 914 feet atop a Queens Plaza site and boast high-end condos and a projected $363.2 million sellout. However, in July 2016, the developers abandoned those plans, putting the site up for sale for an undisclosed amount. Now, as the Times reports, the Durst Organization has scooped up the site for $173.5 million and is considering going forward with the massive construction, but as a rental tower with more than 1 million square feet.
READ MORE

July 11, 2016

Proposed Site of Queens’ Once-Tallest Tower Will Be Sold By Developers

By Dana Schulz

Just about a year ago, 6sqft revealed renderings for Queens Plaza Park, an 800-unit 70+ story, 915-foot tall skyscraper planned for Long Island City's Clock Tower Building site (it would've encircled and incorporated the 88-year-old structure). At the time, this proposed height would've made it the tallest tower in Queens, as well as the tallest building outside Manhattan. However, it's now not only lost its superlatives (it's since been outdone by the 964-foot Court Square City View Tower in LIC and JDS' 1,066-foot 340 Flatbush Avenue Extension in Downtown Brooklyn), but the project is being scrapped altogether (h/t Curbed).
More details

New Developments

First Look at Scaled-Down West Village Condos Slated for 111 Leroy Street

By Ondel Hylton

Moving past a resounding rejection from the local community board, Property Markets Group (PMG) is forging ahead with a smaller, as-of-right plan to build a condominium and townhouse development at 111 Leroy Street. On a Belgian block stretch of the street, bestriding leafy West Village and mixed-use Hudson Square, the development will replace a long-time parking lot and small commercial building at the northeast corner of Leroy and Greenwich streets. Permits filed last year indicate PMG is seeking to build a 10-story condo tower with five adjoining townhouses. In all, the development will span 44,000 square feet, just half the scope PMG asked the community board to approve last year. That abandoned option called for a larger 30-unit condo building anchoring the site’s corner and spanning much of the Leroy Street frontage. Towards the eastern end of the site, they proposed a modest five-story affordable senior supportive housing facility as a concession to build bigger.
More details ahead

March 14, 2016

Queens’ New Skyline: A Rundown of the 30 Developments Coming to Long Island City

By Ondel Hylton

Watch out Hudson Yards, Midtown is moving east to Queens. Long Island City is sprouting a small city worth of skyscrapers, ushering in thousands of new residents, hundreds of hotel rooms, and a few hundred thousand square feet of office space. To help us visualize the neighborhood's upcoming transformation, the dynamos at Rockrose Development commissioned visualization experts Zum-3d to produce this exceptionally accurate depiction of the changes afoot. Inspired by the rendering, 6sqft has put together a rundown of the nearly 30 under-construction and proposed projects for the 'hood.
See the full roster ahead

March 10, 2016

Property Markets Group Shares New Eye Candy of 111 West 57th Street

By Ondel Hylton

Here's a new set of images of Property Markets Group's and JDS Development's 111 West 57th Street. In case you haven't been paying attention, the highly-anticipated tower will be among the tallest residential skyscrapers in the world, climbing some 1,421 feet high to its tip. Designed by SHoP Architects, the feathery spire is sheathed in terra cotta, bronze and a glass curtain wall. The tower will be the most slender skyscraper in the world with a height to width ratio of 24:1.
More renderings ahead

November 19, 2015

Permits Filed to Demolish a String of Buildings Near Gramercy Park for New Condo

By Ondel Hylton

Alfa Development has filed plans with the Department of Buildings to demolish a string of low-rise buildings huddled near the northeast corner of East 21st Street and Third Avenue. The development team led by Michael Namer is known for its environmentally conscious downtown condo towers, which include Chelsea Green, Village Green, and Village Green West. Now, Alfa appears set on sprinkling some of their sustainable magic on a corner-site in Gramercy that could hold a tower of more than 90,000 square feet and rise up to 210 feet tall. Last month, Alfa purchased the the four-building development site from Kevin Maloney’s Property Markets Group and Apex Investments for $69.6 million. The previous owners had planned to build a 25-unit affordable housing building to generate 40,000 square feet of bonus square footage for an undisclosed luxury development, but instead chose to sell the site to focus on other projects.
More details ahead

October 26, 2015

Check Out the Views From 1,438 Feet in the Air at 111 West 57th Street

By Ondel Hylton

Last week, 6sqft brought you an up close and personal look at 111 West 57th Street's exterior facade mock-up, and now Property Markets Group (PMG), who is co-developing the super-tower with JDS Development Group, posted a nifty interactive panorama of the building's out-of-this-world views. Rising from the heart of Billionaires' Row (New York's very own Mount Olympus and preferred residence of our anonymous overlords), the building is 80 stories and 1,438 feet high and is nearly perfectly on axis to Central Park–an egotistical perk that Extell's Central Park Tower and Macklowe/CIM Group's 432 Park aren't granted despite having higher apartments.
This way for the views

August 17, 2015

REVEALED: New Renderings of PMG’s Queens Plaza Park, the Future Tallest Tower Outside Manhattan

By Ondel Hylton

Here's a closer look at Property Markets Group and the Hakim Organization's upcoming Long Island City skyscraper dubbed Queens Plaza Park. Slated to soar 70 stories-plus into Queens Plaza's burgeoning skyline, the 915-foot tall building will contain a whopping 800 units, and will be, by far, the largest and tallest residential building outside of Manhattan. Positioned at the forefront of transit-accessible Queens Plaza, the project will encircle and incorporate the 88-year old Manhattan Bank Building (affectionately dubbed "the clock tower"). The joint-venture acquired the building for $31 million last November, which itself was once the tallest building on Long Island, and is now calendared to be designated an official city landmark.
more info on the project here

March 13, 2015

World’s Skinniest Tower 111 West 57th Street Will Offer $100M Condos

By Dana Schulz

Poised to become the world's skinniest tower and one of the hemisphere's tallest, it's no wonder that 111 West 57th Street will ask around $100 million for its condos, not to be outdone by other nine-digit supertalls like 220 Central Park South's $175 million penthouse, the $150 million penthouse at the Sony Building, and One57′s record $100 million sale, which currently holds the title for the most expensive unit ever sold in the city. Curbed has uncovered filings with the Attorney General's office that show the preliminary price list for the SHoP-designed 1,421-foot tower, which is being developed by JDS Development Group and Property Markets Group. The records indicate that there will be condos in the landmarked Steinway Hall, as well in the tower addition. "The 'landmark units' will be smaller and cheaper, starting at $1 million for a studio, while the 'tower units' will start at $13 million for a three-bedroom."
More details and the price list ahead

June 24, 2014

Multiple Walker Tower Owners Also Buying Units in Sister Property Stella Towers

By Stephanie Hoina

Take two Art Deco commercial buildings designed by Robert Walker in the roaring twenties and mix in a little 21st century residential conversion magic by JDS Development Group, Property Markets Group, and Starwood Capital Group, and what do you get? Apparently two highly successful projects that now have even more in common - owners who have purchased units in both buildings.
Why did owners double up on their investments?

Uncategorized

Property Markets Group

Newly unveiled interiors mark completion of slender supertall 111 West 57th Street

$57M penthouse at 111 West 57th Street joins list of NYC’s priciest pandemic sales

See inside SHoP’s slender supertall at 111 West 57th Street

Sales to begin at super-skinny supertall 111 West 57th Street; priciest units are $57M

Foreclosure moves ahead at Billionaires’ Row supertall 111 West 57th Street

Despite legal troubles, the first units at 111 West 57th Street go into contract

World’s skinniest skyscraper at 111 West 57th Street stalled at 20 stories by soaring costs

New photos of Long Island City’s 1 QPS Tower show off NYC’s highest rooftop pool

Durst Organization pays $173.5M for LIC site once slated for tallest tower in Queens

Proposed Site of Queens’ Once-Tallest Tower Will Be Sold By Developers

First Look at Scaled-Down West Village Condos Slated for 111 Leroy Street

Queens’ New Skyline: A Rundown of the 30 Developments Coming to Long Island City

Property Markets Group Shares New Eye Candy of 111 West 57th Street

Permits Filed to Demolish a String of Buildings Near Gramercy Park for New Condo

Check Out the Views From 1,438 Feet in the Air at 111 West 57th Street

For $5.8M, this Fifth Avenue co-op has 'Mad Men'-era vibes and Central Park views

REVEALED: New Renderings of PMG’s Queens Plaza Park, the Future Tallest Tower Outside Manhattan

World’s Skinniest Tower 111 West 57th Street Will Offer $100M Condos

Multiple Walker Tower Owners Also Buying Units in Sister Property Stella Towers

9 DeKalb Avenue in Downtown Brooklyn

Property Markets Group

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