The world's skinniest skyscraper, under construction on Manhattan "Billionaire's Row," is over budget with 60 stories left to build.
"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.
FULL STORY: The world’s skinniest skyscraper might never get finished
More Skyscrapers Coming Soon to New York City's Skyline
After a decade of skyward expansion, even more skyscrapers are on the horizon in Manhattan.
World's Skinniest Skyscraper Complete in New York City
111 West 57th Street, a residential supertall tower with multiple global distinctions, completed construction recently in New York City.
World's Tallest Residential Building Nears Completion in Manhattan
Central Park Tower, coming soon to New York City's "Billionaires' Row" was designed by Adrian Smith + Gordon Gill architecture.
Florida Considers Legalizing ADUs
Current state law allows — but doesn’t require — cities to permit accessory dwelling units in single-family residential neighborhoods.
HUD Announces Plan to Build Housing on Public Lands
The agency will identify federally owned parcels appropriate for housing development and streamline the regulatory process to lease or transfer land to housing authorities and nonprofit developers.
Has President Trump Met His Match?
Doug Ford, the no-nonsense premier of Canada's most populous province, Ontario, is taking on Trump where it hurts — making American energy more expensive.
OKC Approves 7.2 Miles of New Bike Lanes
The city council is implementing its BikeWalkOKC plan, which recommends new bike lanes on key east-west corridors.
Preserving Houston’s ‘Naturally Occurring Affordable Housing’
Unsubsidized, low-cost rental housing is a significant source of affordable housing for Houston households, but the supply is declining as units fall into disrepair or are redeveloped into more expensive units.
The Most Popular Tree on Google?
Meet Rodney: the Toronto tree getting rave reviews.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
Florida Atlantic University
City of Grandview
Harvard GSD Executive Education
UCLA Lewis Center for Regional Policy Studies
City of Piedmont, CA
NYU Wagner Graduate School of Public Service
City of Cambridge, Maryland