Billionaire Row's Newest Residents: Lawsuits and Foreclosures
"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," reports Julia Marsh.
"The 82-story skyscraper has risen fewer than 20 stories and is $50 million over budget," adds Marsh.
The whole mess has already inspired a lawsuit—real estate investment corporation AmBase is suing the project sponsors Kevin Maloney and Michael Stern and lender Spruce Capital Partners. Earlier this week "a judge blocked Spruce from taking ownership of the project in a strict foreclosure procedure pending a mid-August hearing on the dispute."
Foreclosure has been a buzzy word in the "Billionaire's Row" neighborhood this summer. A foreclosure on one of the luxury condominiums in One57 has been making news in June and July as potentially a record residential foreclosure.