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99-514: Music Press was a small music publishing firm based in New York City during the 1940s. Founded in 1940, Music Press was based in New York City's Steinway Building in Midtown Manhattan . Richard Dana, a descendant of Henry Wadsworth Longfellow and Richard Henry Dana Jr. , founded the music publishing firm in 1940 with his cousin, the music librarian Carleton Sprague Smith . The publisher

198-430: A forbearance agreement on $ 300 million of the debt and the remaining $ 25 million was sold to Spruce Capital Management. The developers were in the process of negotiating another $ 100 million mezzanine loan from Baupost Group to repay Spruce but the loan was vetoed by AmBase. The landmarked facade of Steinway Hall was restored in early 2017. JDS also restored Steinway Hall's eighth-story recital hall after Marci Clark,

297-486: A joint venture of JDS Development, PMG, and Arthur P. Becker officially purchased Steinway Hall. Becker allegedly purchased his stake with the help of a $ 21 million loan from Russian oligarchs Serguei Adoniev and Albert Avdolyan , concealed via numerous offshore LLCs in the British Virgin Islands and Hong Kong orchestrated by British financier Andy Ruhan . JDS paid $ 131.5 million to Wexford Capital for

396-629: A studio apartment to over $ 66 million for the triplex penthouse. Many residences include spaces such as galleries and formal dining rooms with alcoves. In addition, materials like oak floors and panel doors are used throughout the apartments. P. E. Guerin Hardware designed bronze doorknobs on the living-room doors, which are shaped like the tower itself. The kitchens typically have quartzite counters as well as built-in appliances such as dishwashers, ovens, refrigerators, and freezers. The units also contain dark wood and onyx floors, an acknowledgment of

495-509: A $ 1.1 billion loan to replace AIG's $ 725 million in construction debt. In 2020, Steinway Hall's landmarked rotunda was restored by John Canning Studios, which mitigated water damage, repaired the ceiling and entablatures , and cleaned the walls and metalwork. The facade and roof of the hall were also restored. That April, the first sale for a unit in Steinway Hall was finalized. However, construction slowed considerably in early 2020 due to

594-514: A $ 230 million acquisition loan from Annaly Capital Management on the development site. Stern and Maloney did not yet have the cash to fund the tower's construction. Although Ruhan had promised to be a primary investor, he subsequently lowered his investment and took a 26.3 percent stake with his partner Arthur P. Becker . Accordingly, AmBase Corporation purchased a 59 percent stake in the development for $ 56 million in June 2013. Stern and Maloney retained

693-523: A 10-story building for the site. Work was delayed because the 1916 Zoning Resolution prohibited non-residential buildings on that section of 58th Street; additionally, neighborhood residents had filed lawsuits against Steinway & Sons, which were settled by July 1920. Steinway & Sons acquired eight lots on 57th and 58th Streets from 1920 to 1924, and Warren and Wetmore designed a 16-story building, for which plans were filed in July 1923. The new Steinway Hall

792-421: A cornice atop the 9th story. Above the 12th story, on both 57th and 58th Streets, is a parapet capped by urns. The western elevation is clad with plain brick and contains some window openings. The 13th through 15th stories of Steinway Hall have chamfered corners and Ionic colonnades , with a parapet above the 15th story. The 16th story has brick piers at each corner, shallow arches on each side, band courses at

891-462: A corridor with pea-green walls. The floor surfaces were laid in California redwood planks 2 inches (51 mm) thick, which could withstand the weight of the pianos. Floor 3 was initially Steinway Hall's executive offices while floors 4 and 8 (originally the fourth and fifth floors, respectively ) were composed of soundproof music studios. The original musical salon on floor 3 could fit 250 people and

990-404: A freight elevator for Steinway Hall's tenants, while the other led to a freight elevator used specifically by Steinway & Sons . Steinway Hall's upper stories are clad with brick. On 57th Street, there are three pairs of windows on each of the 4th through 12th stories. On 58th Street, there are five windows on each of the 3rd through 12th stories; there is a balustrade at the third story and

1089-565: A frontage of 106 feet (32 m) on 57th and 58th Streets, and a depth of 200.83 feet (61.21 m) between the two streets. 111 West 57th Street occupies the same block as the Calvary Baptist Church , One57 , and Alwyn Court to the west, and abuts The Quin immediately to the east. 111 West 57th Street is also near Carnegie Hall , Carnegie Hall Tower , and Metropolitan Tower one block west; Parker New York , 130 West 57th Street , and 140 West 57th Street across 57th Street to

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1188-424: A large rotunda within Steinway Hall that is also a designated city landmark. The Steinway & Sons store at 111 West 57th Street was proposed in 1916 but was not completed for another nine years due to lawsuits and other delays. Steinway Hall served as a store, recital hall, and office building for almost nine decades, though it was unsuccessful as a speculative development . Plans for a residential skyscraper on

1287-417: A large central arch there. The outer portals contain wooden pocket doors, which are surrounded by moldings and topped with entablatures . The central opening is a display window that contains an entablature supported by Ionic columns on either side, as well as a lunette above the entablature. The lunette has a cement sculptural group by Leo Lentelli , which contains a bas-relief of Apollo . Above

1386-465: A lawsuit in April 2016, alleging that the developers neglected to account for cost overruns reaching $ 50 million. AmBase sought damages of $ 105 million in relation to the two capital calls in which they did not participate, claiming that these capital calls served mainly to dilute their stake. AmBase also claimed that Becker and Ruhan did not have their 26 percent stake diluted despite not participating in

1485-478: A majority interest in the assemblage to JDS Development Group for $ 40 million and stayed on as a joint venture partner. That March, the first plans for the site at 105–107 West 57th Street were filed with the New York City Department of Buildings for a 51-story tower rising 671 feet (205 m) and containing 27 condominiums. Renderings of the planned development were revealed that September, showing

1584-539: A number of apartments in the tower had already gone to contract. In March 2018, the tower's height surpassed the halfway point at over 700 feet (210 m). Two months later, Madison Realty Capital provided a $ 90 million preferred equity investment in the tower, allowing construction to continue. The developers filed paperwork with the Attorney General of New York to raise prices at the project in August 2018. Sales at

1683-533: A potential development is sometimes called speculative development . Subdivision of land is the principal mechanism by which communities are developed. Technically, subdivision describes the legal and physical steps a developer must take to convert raw land into developed land. Subdivision is a vital part of a community's growth, determining its appearance, the mix of its land uses , and its infrastructure, including roads , drainage systems, water , sewerage , and public utilities . Land development can pose

1782-458: A project's economics; attorneys to handle agreements and government approvals ; environmental consultants and soils engineers to analyze a site's physical limitations and environmental impacts ; surveyors and title companies to provide legal descriptions of a property; and lenders to provide financing. The general contractor of the project hires subcontractors to put the architectural plans into action. Purchasing unused land for

1881-436: A rectangular foyer with a vaulted ceiling, which in turn connects to the main rotunda and the original floor 2. The western vestibule leads north to a marble corridor that connects to Steinway Hall's original elevator lobby. The original elevator lobby had Botticino marble walls and black-and-white terrazzo flooring. A stone porte-cochère for residents is on 58th Street. There is a passenger and freight elevator connecting

1980-441: A sloping tower by CetraRuddy , covered with balconies facing Central Park. At the time, construction was expected to take place from early 2013 to late 2014. At the end of 2012, Steinway & Sons announced that it would sell Steinway Hall, adjacent to the planned development at 107 West 57th Street, for $ 46 million. At the time, Steinway & Sons was losing $ 5 million a year from continuing to own Steinway Hall. In March 2013,

2079-451: A small symphony orchestra. When used by Steinway & Sons, the rotunda contained ornate furniture and paintings evocative of an upper-class home. Steinway Hall's showrooms were clustered around a corridor that led from the rotunda. The corridor from the rotunda to these showrooms had dull red and old rose furniture, as well as green wall surfaces. The showrooms were covered with wood panels for better acoustics. The first showroom past

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2178-530: A team of professionals to address the environmental, economic, private, physical and political issues inherent in a complex development project is critical. A developer's success depends on the ability to coordinate and lead the completion of a series of interrelated activities efficiently and at the appropriate time. Development process requires skills of many professionals: architects , landscape architects , civil engineers and site planners to address project design; market consultants to determine demand and

2277-412: A three-bedroom duplex penthouse on floors 19 and 20, contains a stone entrance foyer, private terraces, an office, a den, a kitchen, and a living room with 26-foot (7.9 m) ceilings. These units are all connected to ground level and floor 10 by a pair of elevators. The 46 condominiums in the building's tower range from 3,873 to 7,128 square feet (359.8 to 662.2 m ). The apartments start above

2376-420: Is a supertall residential skyscraper in the Midtown Manhattan neighborhood of New York City , United States. Developed by JDS Development Group and Property Markets Group, it is situated along Billionaires' Row on the north side of 57th Street near Sixth Avenue . The main portion of the building is an 84-story, 1,428-foot (435-meter) tower designed by SHoP Architects and completed in 2021. Preserved at

2475-519: Is a lounge with outdoor terrace, as well as a golf simulator and a padel court. The amenity area is decorated with a chandelier that was relocated from the rotunda. The amenity areas on floors 10 and 10M are connected by their own elevator. The remaining stories of Steinway Hall were originally rented as office space. The floors up to the 15th story (now floor 18 ) typically measured 11,500 square feet (1,070 m ), with more space facing 58th Street than 57th Street. The 16th story (now floor 19 )

2574-424: Is also a sub-cellar and cellar, used primarily for utilities and storage. The 16-story, L-shaped Steinway Hall fills most of the base, with frontages of 63 feet (19 m) along 57th Street and 100 feet (30 m) on 58th Street. The concert hall has a setback above the 12th story on 57th Street, and setbacks above the 9th and 12th stories on 58th Street. The 16th story along 57th Street (marketed as floor 19 )

2673-506: Is also set back from all sides. The roof of Steinway Hall contains a campanile with a pyramidal copper roof and lantern, similar to the Mausoleum at Halicarnassus . Christopher Gray of The New York Times described the campanile as having a "sculptural, even funerary, caste". The residential tower atop Steinway Hall is one of the tallest buildings in the United States , as well as

2772-522: The COVID-19 pandemic in New York City . This caused the project to fall into danger of missing key construction deadlines and a corresponding decline in sales, and thus face the possibility of having to repay outstanding debt. Despite a general decrease in real estate activity due to the pandemic, there were several multi-million-dollar sales at 111 West 57th Street during mid-2020, and a penthouse went into contract for $ 50 million that December. The facade of

2871-531: The Music Library Association recognized five Music Press-published works as among its top ten for the year, including Ned Rorem 's " The Lordly Hudson ". The firm was the first to publish Virgil Thomson and Gertrude Stein 's operas Four Saints in Three Acts and The Mother of Us All . The publisher was run on a small budget and only had a single staff member. Composers frequently moved between

2970-465: The New York Supreme Court ruled that Spruce Capital could proceed with foreclosure. This allowed the lender to transfer the development entirely to Maloney and Stern, wiping out AmBase's investment completely. By November 2017, the tower had reached a height of roughly 500 feet (150 m), and initial glass facade installation had begun. Despite the building's monetary and legal issues,

3069-609: The Town and Country Planning context in the United Kingdom, 'development' is defined in the Town and Country Planning Act 1990 s55. A development team can be put together in one of several ways. At one extreme, a large company might include many services, from architecture to engineering . At the other end of the spectrum, a development company might consist of one principal and a few staff who hire or contract with other companies and professionals for each service as needed. Assembling

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3168-447: The 17th story, numbered as floor 20, because the views of Central Park from the lower floors are obstructed by neighboring buildings. The units are mostly three-bedroom apartments each occupying one full floor, except for seven duplex units on floors 60–61 and 72–83, which each have between two and four bedrooms. Many of the stories are open in plan and have 14-foot (4.3 m) ceilings. As of 2018 , prices ranged from $ 16 million for

3267-466: The LPC could approve or deny any plans involving modification of Steinway Hall, and any additions would need to be constructed around the existing structure. Steinway & Sons was allowed to remain in the building for 18 months after the sale. The developers either bought out the other eleven tenants' leases or waited for the leases to expire. Not long after the developers bought Steinway Hall, they secured

3366-495: The LPC in October 2013, and the commission approved the plans, paving the way for full construction permits. The developers held a groundbreaking ceremony for the project in early 2014. That July, the developers installed the tallest freestanding crane in New York City history, measuring 220 feet (67 m), to construct the residential tower. In January 2015, the New York City Department of Buildings approved final permits for

3465-559: The Philharmonic Symphony Society of New York were among Steinway Hall's tenants. 111 West 57th Street subsequently became the Manhattan Life Insurance Company Building, but Steinway & Sons continued to lease space there, including the ground-floor showroom. Steinway Hall was acquired by 111 West 57th Street Associates in 1980, and Bernard H. Mendik simultaneously paid $ 8.65 million for

3564-503: The address 111 West 57th Street. With the tower's construction, that building's floor area would increase 2,850 percent. The tower's proposed height was slightly increased in March 2015 to 1,428 feet (435 m). Meanwhile, construction costs had risen by over $ 50 million because of complications in working around Steinway Hall. The site had to be excavated manually to avoid disturbing Steinway Hall's tenants; materials had to be staged inside

3663-435: The base is the 16-story Steinway Building (also Steinway Hall ), a former Steinway & Sons store designed by Warren and Wetmore and completed in 1925, which originally carried the address 111 West 57th Street. 111 West 57th Street contains 60 luxury condominiums : 14 in Steinway Hall and 46 in the tower. The residential tower has a glass facade with piers made of terracotta ; its pinnacle contains setbacks on

3762-487: The basement had over 300 pianos, valued at over $ 15 million. According to a New Yorker article in 2001, "almost every twentieth-century virtuoso has passed through" the first-floor reception room while headed to the Concert and Artists Department in the basement. Among the notable performances at the 57th Street building was the 1928 duo piano recital by Vladimir Horowitz and Sergei Rachmaninoff . The 57th Street building

3861-442: The bottom, and a cornice at the top. The tower's facade was designed by BuroHappold . The portion of the tower's base at ground level, which is not occupied by Steinway Hall, contains doors with aluminum or bronze frames. This section serves as the retail entrance and was included only because zoning rules mandated it. The northern and southern elevations consist of large glass curtain walls . There are bronze mullions between

3960-400: The building would not commence until the following year. This was attributed to a general slowdown in the luxury residential market. By June 2016, the project had risen above street level. The project still encountered financial difficulty and faced a lawsuit from AmBase . In January 2017, the developers had defaulted on the $ 325 million mezzanine loan from Apollo. However, they negotiated

4059-435: The building's 7,175-square-foot (666.6 m ) penthouse entered contract in mid-2019 for "close to" its asking price of $ 58 million, making it one of the most expensive New York condo sales of 2019. In August 2019, the developers hired Newmark Group to find tenants for the building's 50,000 square feet (4,600 m ) of retail space on the building's first four floors and basement. One month later, JDS asked lenders for

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4158-554: The building's brokerage in February 2022, and the podium was being completed by that March. By the next month, workers had installed the final elements of the facade, and the first condominium sales were being finalized. By May 2022, nearly half of the condominiums had been sold; all construction was finished by the end of 2022. Following slow sales, Apollo Global wrote off part of its mezzanine loan on 111 West 57th Street in August 2023. A model apartment by Rafael de Cardenas, occupying

4257-413: The building's common amenity area. There is an 82-by-12-foot (25.0 by 3.7 m) indoor pool with a limestone deck and cabanas, as well as sauna, steam, and treatment rooms adjacent to the pool. Floors 10 and 10M also contain a private dining room, fitness center, and study. The fitness center has a terrace at mezzanine level, while the private dining room adjoins a catering kitchen. In addition, there

4356-447: The building; and the crane could not operate if the wind speed was over 35 miles per hour (56 km/h). To cover the extra costs, the developers had issued six capital calls totaling $ 63.6 million. AmBase participated in only the first four calls, and each time, provided a small portion of the funding that JDS and PMG requested. AmBase's stake was subsequently reduced from 60.3 percent to 43.5 percent, and by May 2015, AmBase

4455-651: The capital calls. Since construction costs had allegedly risen by more than 10 percent, AmBase claimed their contract entitled them to full repayment of their $ 66 million investment along with 20 percent interest. JDS and PMG countersued in January 2017, alleging that since there had never been an officially approved budget, there was no measure by which to determine cost overruns. Speculative development Developers buy land, finance real estate deals, build or have builders build projects, develop projects in joint ventures, and create, imagine, control, and orchestrate

4554-544: The ceiling. Another showroom, known as the skylight room, had black-and-white wallpaper decorations depicting scenes in the French Empire style, as well as a skylight over more than half the room. The rear of the ground floor contained the Walnut Room, with walnut-paneled walls, windows facing 58th Street, and a beamed ceiling with pastel-color designs. Antique pieces throughout all the display rooms were arranged to complement

4653-448: The cellar and floors 1, 3, and 4 is a "non-residential unit", which contains 54,158 square feet (5,031.4 m ) of commercial space. Several stories in the tower and base contain mechanical equipment. Additionally, floors 51, 71, and 86 contain windbreaks and are not occupied. 111 West 57th Street contains fourteen elevators: five in Steinway Hall and nine in the tower. Seven of the tower elevators are within individual suites, while

4752-483: The cellar and ground-level loading dock. Steinway Hall's octagonal rotunda has a domed ceiling measuring 35 feet (11 m) tall and 45 feet (14 m) across. The sides of the rotunda consist of four white marble arches, green marble pilasters with coffered pendentives , and a continuous marble cornice just below the dome. A large chandelier hangs from the dome. Four paintings by Paul Arndt , depicting "the influence of music on human relations", are hung on

4851-512: The company to begin collecting rent from tenants. Steinway also leased the land for 99 years from the building's former owner, which retained ownership of the plot. The New York City Landmarks Preservation Commission (LPC) designated Steinway Hall as a New York City landmark in November 2001. Manhattan Life moved out of the building that year, and an XM Satellite Radio studio opened there. In May 2005, Investcorp and Ceebraid-Signal purchased

4950-401: The design of Steinway Hall. A typical unit, such as the residence on floor 43, has a living room facing north toward Central Park and master and guest bedrooms facing south, as well as walk-in closets and custom bathroom appliances. Some tower units have been customized, such as a unit on floor 34 with a musically-influenced theme designed by Kelly Behun . A pair of elevators connect each of

5049-403: The developers filed permits for a 74-story, 1,200-foot (370 m) tower that would hold 100 condominiums above six floors of retail. SHoP's plans incorporated the existing structure into the base of the new tower. Further complicating the planning process, the LPC had considered landmark status for Steinway Hall's rotunda in mid-2013; such a designation would require the developers to preserve

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5148-416: The director of JDS's marketing department, discovered archival photos of the hall. Construction had stalled by July 2017, after the tower had been built to 20 stories. At the time, Spruce claimed that it had not received payment on the $ 25 million mezzanine loan and filed paperwork to begin the process of foreclosure , leading AmBase to file another lawsuit against Maloney, Stern, and Spruce. The next month,

5247-623: The eastern and western facades, maximizing usable floor area. The two shear walls range in thickness from 30–36 inches (760–910 mm) on the lower stories to 16 inches (410 mm) on the upper stories, and are recessed on upper floors to accommodate corner windows. The tower's floor plates are high-strength concrete slabs with a compressive strength of 14,000 pounds per square inch (97,000 kPa). They are reinforced with 5,500,000 square feet (510,000 m ) of rebar and welded plates. The floors are also supported by additional beams at three-story intervals, as well as four outrigger walls on

5346-445: The entirety of floor 66, was completed the same month. That October, M&T Bank provided a $ 30 million loan for the project. The tower's condominium owners included the government of Canada (which bought an apartment for its consul general). Sotheby's International Realty took over as the building's condominium sales agent in July 2024, and Bonhams auction house leased the former piano showroom that September. AmBase filed

5445-404: The five lowest floors and rented out the upper floors. The basement housed storage, shipping, and a grand-piano testing area; the first story, a reception room and salesroom; the second story, salesrooms; the third floor, executive offices; and the fourth and fifth stories, music studios. Steinway & Sons used only the rear of the fourth story, where it had a large workroom. The "piano bank" in

5544-405: The interior of the original Steinway Hall was planned by Walter L. Hopkins . There are 60 apartments in total: 46 in the tower and 14 in Steinway Hall. According to the New York City Department of City Planning , the building has a gross floor area of 303,225 square feet (28,170.5 m ). The building has 20,000 square feet (1,900 m ) of amenity space across several floors. Spanning

5643-477: The land underneath the building, an adjacent structure, and air rights in July 2013. After the purchase, Starwood Capital Group exited their investment, leaving JDS and PMG as the developers. While the original assemblage allowed the developers to build a structure up to 697 feet (212 m) tall, the acquisition of Steinway Hall and air rights allowed JDS and PMG to develop a building twice as high. However, because of Steinway Hall's existing city landmark status,

5742-422: The leasehold. The Apollo sculpture above the main entrance was restored, and the plaque above the entrance was replaced, in 1990 after The Economist moved to 111 West 57th Street. In 1997, Jeffrey Biegel performed the first classical music recital transmitted live over the internet, with audio and video, at Steinway Hall. Steinway bought back the building in early 1999 for approximately $ 62–63 million, allowing

5841-429: The materials used in pianos. Also in the lobby is a mailroom, concierge area, shared toilet, and lounge. Wood from the building's former loading docks was reused in the floor of the lobby. Lorenz designed custom bronze doors for the elevator lobby. Floor 2 contained four display rooms, which generally were larger than the ground-floor showrooms. They generally had cream-colored walls and ceilings and were connected by

5940-443: The mechanical floors and 6-foot-wide (1.8 m) beams on the southern side of each floor. Interior walls above the floor slabs also connect the shear walls. The top of the tower includes an 800-short-ton (710-long-ton; 730 t) tuned mass damper to provide stability against high winds or earthquakes . The damper consists of tuned steel plates. 111 West 57th Street's interior spaces were designed by Studio Sofield, though

6039-436: The most risk, but can also be the most profitable technique as it is dependent on the public sector for approvals and infrastructure and because it involves a long investment period with no positive cash flow . After subdivision is complete, the developer usually markets the land to a home builder or other end user, for such uses as a warehouse or shopping center . In any case, use of spatial intelligence tools mitigate

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6138-432: The nearby One57. 111 West 57th Street's base contains Steinway Hall , a former store and recital hall for Steinway & Sons . Steinway Hall was completed in 1925 by Warren & Wetmore and is a New York City designated landmark . Steinway Hall was part of an artistic hub developed around the two blocks of West 57th Street from Sixth Avenue west to Broadway during the late 19th and early 20th centuries, following

6237-476: The one-story Ritz Fur Shop building at 107 West 57th Street, adjacent to Steinway Hall, for $ 23 million, along with $ 8.75 million for neighboring air rights . According to The Real Deal , the sale was finalized in 2006 for $ 52 million. The companies planned a 35-story tower on the site with 37 residential units, three lower floors of office space, and ground floor and basement retail space. In October 2006, Barry Sternlicht 's Starwood Capital Group purchased

6336-740: The opening of Carnegie Hall in 1891. The area contains several buildings constructed as residences for artists and musicians, such as 130 and 140 West 57th Street, the Rodin Studios , and the Osborne Apartments . In addition, the area contained the headquarters of organizations such as the American Fine Arts Society , the Lotos Club , and the American Society of Civil Engineers . 111 West 57th Street, also known as Steinway Tower,

6435-407: The piano displays. Following the construction of the residential tower, the rotunda was converted to a retail space with entrances from the residential lobby and the street. Numerous artists, including Nancy Lorenz and John Opella, were hired to design the decorations in the residential lobby. The residential lobby contains gold and silver-leaf murals with ebony and elephant motifs, a reference to

6534-405: The piano industry was concentrated. When Carnegie Hall opened in 1891, the piano industry moved uptown to 57th Street, prompting Steinway & Sons to look for new sites in that area. By July 1916, the company had identified a site at 109–113 West 57th Street , between Sixth and Seventh Avenues , with a parcel extending back to 58th Street. William K. Benedict and Marvin & Davis designed

6633-401: The piers. The piers and mullions help stabilize the tower by creating wind turbulence. The existing Steinway Hall contains a structural steel frame atop a foundation with reinforced concrete and steel grillages . The foundations of the tower contain about 200 rock anchors that descend at most 100 feet (30 m) into the underlying bedrock. These deep foundations are necessitated by

6732-488: The process of development from beginning to end. Developers usually take the greatest risk in the creation or renovation of real estate and receive the greatest rewards. Typically, developers purchase a tract of land, determine the marketing of the property, develop the building program and design, obtain the necessary public approval and financing, build the structures, and rent out, manage, and ultimately sell it. Sometimes property developers will only undertake part of

6831-739: The process. For example, some developers source a property and get the plans and permits approved before selling the property with the plans and permits to a builder at a premium price. Alternatively, a developer who is also a builder may purchase a property with the plans and permits in place so that they do not have the risk of failing to obtain planning approval and can start construction on the development immediately. The financial risks of real estate development and real estate investing differ due to leverage effects. Developers work with many different counterparts along each step of this process, including architects, city planners, engineers, surveyors, inspectors, contractors, lawyers, leasing agents, etc. In

6930-417: The project officially relaunched the next month with prices ranging from $ 18 million to over $ 57 million; a few apartments were placed on sale at a time. By then, the building was more commonly known by its address than as "Steinway Tower". The building's concrete form topped out during April 2019, and the steel reached the top of the parapet that October. Despite an unfavorable luxury real estate market,

7029-428: The project. The new permits called for the tower to rise 80 stories, with a 1,397-foot (426 m) roof and a 24-foot (7.3 m) crown bringing its pinnacle to 1,421 feet (433 m). At the time, the tower was to contain 55 luxury condominiums and would be finished in 2017. Due to technicalities in New York City zoning law, the new tower was classified as an alteration of the existing Steinway Hall, which also had

7128-483: The remaining 14.7 percent stake. With the acquisition of Steinway Hall, the developers decided to create new plans. The developers considered several architects, including CetraRuddy, Gehry , and HOK , before ultimately hiring SHoP Architects. In an interview, Stern said that he had selected SHoP because the firm was "not afraid to push boundaries", as in its design of the Barclays Center arena. In August 2013,

7227-544: The remaining seven elevators are shared by all residents. Steinway Hall had initially contained six elevators, one of which was upgraded as part of the residential project. Decorations, such as bas-reliefs of tourist landmarks such as St. Patrick's Cathedral and the Whitney Museum , are scattered throughout the building. The original western and eastern entrance vestibules on 57th Street have pink-granite floors and coffered domed ceilings. The eastern vestibule leads to

7326-451: The roof slab of the tower is 1,257 feet 6 inches (383.29 m) above ground level while the pinnacle is 1,423 feet 7 inches (433.91 m) above ground. The building contains 84 stories above ground level or 85 including the roof slab. The top story is numbered as floor 91, while floor numbers 5–7, 13, and 21–25 are skipped. The tallest habitable story of the tower is 1,134 feet (346 m) above ground level. There

7425-464: The rotunda and foyers was the Pine Room, which had pine-paneled walls, draped windows, illumination from chandeliers and ceiling bulbs, and an ivory-white plaster ceiling in low relief. Dimmers were provided so the light could be intensified for instrument examination. Two other showrooms had cream-colored, paneled walls and low-relief ceilings; one of these rooms had decorative paintings and medallions on

7524-400: The site at 105–107 West 57th Street for $ 52 million with a $ 30 million loan from Eurohypo . Demolition of the site was underway the same year. Before the financial crisis of 2007–2008 , Starwood Capital reportedly planned to construct a new hotel tower for sister company Starwood as part of a new "Hotel Crillon" luxury brand based on Paris's Hôtel de Crillon . In early 2012, Starwood sold

7623-454: The site date to 2005, and JDS acquired the lots for the skyscraper between 2012 and 2013. Despite the tower's size, it was technically constructed as an addition to Steinway Hall. Construction on the tower began in 2014, and Steinway Hall was restored as part of the residential project. The development faced several challenges, including financing difficulties, lawsuits, and controversies over employment. The tower topped out during April 2019 and

7722-593: The small music presses of the period. Even with donations from patrons, the firm's financials grew dire by 1948 and the press resorted to passing publishing costs to a composer. With the conclusion that the press had printed too many works too fast, Dana stopped Music Press's publishing in April 1949. A West Coast distribution contract, while explored, did not save the company from revenue issues. Mercury Music acquired Music Press in December 1949. Steinway Building 111 West 57th Street , also known as Steinway Tower ,

7821-613: The south; and Hampshire House and Trump Parc across 58th Street to the north. The building stands across from the 57th Street station of the New York City Subway 's F and <F> train. 111 West 57th Street is one of several major developments around 57th Street and Central Park that are collectively dubbed Billionaires' Row by the media. Other buildings along Billionaires' Row include 432 Park Avenue four blocks southeast, 220 Central Park South one block northwest, Central Park Tower one block west, and

7920-426: The southern side. The tower is the fourth- tallest building in the United States as of November 2022, as well as the thinnest skyscraper in the world with a width-to-height ratio of about 1:24. Steinway Hall, a New York City designated landmark , contains a facade made mostly of brick, limestone, and terracotta. 111 West 57th Street contains numerous resident amenities, housed mostly in the building's base, as well as

8019-443: The space. JDS and PMG expressed support for the landmark status, and the LPC designated the rotunda as a landmark that September. The same month, The Wall Street Journal published updated renderings for the tower. The new design would stretch 1,350 feet (410 m) tall with 45 full-floor apartments, giving the 60-foot-wide (18 m) tower a slenderness ratio of 1:23. JDS and Property Markets Group presented their plans to

8118-491: The temporary closure of the building's recital hall. In March 1957, the Manhattan Life Insurance Company leased some space on the third floor for its tabulating and accounting departments. Steinway Hall and its land were sold to Manhattan Life the following year, with the insurance company planning to occupy the building as its home office. At that time, Musical Forum , Columbia Artists Management , and

8217-454: The terracotta. The terracotta piers are made of extruded and glazed blocks arranged in a wave-like pattern. The piers are meant to be reminiscent of older terracotta designs in New York City, and the beige color complements the limestone facade of Steinway Hall. Each of the terracotta piers rises to the height of one of the setbacks on the pinnacle. There are also bronze mullions, which contain curving patterns resembling bird feathers, between

8316-409: The thinnest skyscraper in the world with a width-to-height ratio of about 1:24. Due to its slenderness, the top stories sway several feet during high winds. The building has been characterized as part of a new breed of New York City " pencil towers ". The tower's northern elevation rises directly up to the pinnacle , and the southern elevation contains several setbacks as the tower rises, thinning

8415-415: The third story is a frieze with portraits of classical composers and pianists, as well as a central plaque with the name "Steinway". The northern elevation on 58th Street is clad with brick, limestone, and terracotta . The lowest two floors are faced with rusticated limestone blocks; the first floor has loading docks on either end of the 58th Street elevation. One of the 58th Street loading docks led to

8514-495: The tower stories to the ground level and floor 10. One is a double-deck elevator with a service cab on the lower deck, which also descends to the cellar, while the other is a single-deck elevator. In addition, each of the duplex units have private elevators connecting both floors in the unit. Since 1864, Steinway & Sons had operated a piano showroom and performance auditorium at 14th Street in Lower Manhattan , where

8613-427: The tower was being completed by September 2020. The exterior hoist was being disassembled from the facade by March 2021, as the tower approached completion. In May 2021, Todd Morley said he would construct the world's largest non-fungible token museum at 111 West 57th Street; Morley said his blockchain company Overline would use the top of the building as an antenna. Corcoran Group replaced Douglas Elliman as

8712-404: The tower's extreme slenderness. The building has two cellar levels. Steinway Hall originally had a cellar vault extending under the roadway at 57th Street, which was partially infilled and modified as part of the tower's construction. The superstructure of 111 West 57th Street's tower is made mostly of concrete. The core structural system is formed by two large shear walls installed behind

8811-433: The tower's footprint on higher floors. The pinnacle's lighting pattern was commissioned by L'Observatoire International . Because of the shape of the tower's pinnacle, 111 West 57th Street is nicknamed "Stairway to Heaven". On the first three stories of Steinway Hall's southern elevation , facing 57th Street, the facade is made of Indiana Limestone above a pink-granite water table . Two rectangular portals flank

8910-443: The wall. The paintings are surrounded by grotesques and images painted by Cooper and Gentiluomo. The rotunda's southern wall contains the arched display window facing 57th Street. Behind the northern wall are three green-marble archways on floor 1 and a balcony on floor 2. The central arch on the north wall led to piano showrooms in the rear of floor 1, while the right arch led to the basement. The rotunda sat up to 300 guests and

9009-508: The windows, which project slightly from the glass curtain wall. The top section of the northern elevation, above the highest habitable story, contains reflective glass panels in front of the pinnacle's reinforced concrete walls. There are glass parapets above each setback, and the roof terraces also contain guard rails made of aluminum, bronze, or steel. The eastern and western elevations contain narrow windows between vertical piers of glazed terracotta . Six tones of white were used for

9108-449: Was a conservative representation of the field, and included a New York University composer and a Boston-based music critic among its leadership. Dana was an outsider to New York's music scene and worked to befriend the city's composers. World War II interrupted the publisher's activities. After the war, Music Press began musical imprints based on individual performers, such as John Kirkpatrick 's selections for American Piano Music. In 1948,

9207-635: Was also intended as a speculative development for Steinway & Sons; it was not particularly successful in that respect, with a rate of return of only 2 percent. Even so, by 1940, all studios in the Steinway Building had been leased. Throughout the years, the building's tenants included publications such as Musical America , Architectural Forum , and The Economist , as well as CBS broadcasting studios. Steinway Hall received an $ 850,000 first mortgage from Hubbard, Westervelt & Mottelay Inc. in 1939. The onset of World War II forced

9306-494: Was built from June 1924 to April 1925. Many of the studios had already been rented by late 1924. The hall at 111 West 57th Street officially opened on October 27, 1925, with a performance by Willem Mengelberg and 35 musicians from the New York Philharmonic, broadcast over radio. The building had cost $ 3 million, representing about a quarter of Steinway & Sons' total assets at the time. Steinway & Sons used

9405-444: Was designed with blue-gray plaster walls, a cream-colored low-relief ceiling, a gold-leaf cornice, an oak parquet floor, and a lighting system with a dimmer. Following the residential conversion, floor 8 has contained a residents' rehearsal room and offices; the room's design references the building's historical use. The non-residential areas between the cellar and floor 4 are served by a single elevator. Floors 10 and 10M constitute

9504-540: Was developed by Michael Stern 's JDS Development Group and Kevin P. Maloney 's Property Markets Group (PMG). WSP USA was the structural engineer for the project, while Jaros, Baum & Bolles was the engineer in charge of mechanical, electrical, and plumbing. The building has two components. Warren and Wetmore's original Steinway Hall, at the base of the development, is topped by a 1,428 ft (435 m) tower designed by SHoP Architects . According to documents filed by SHoP Architects principal Gregg Pasquarelli,

9603-472: Was finished in 2022. 111 West 57th Street is in the Midtown Manhattan neighborhood of New York City , United States. It is located one city block south of Central Park , between Sixth Avenue to the east and Seventh Avenue to the west. The building occupies the land lots at 105–113 West 57th Street and contains frontage along 57th Street to the south and 58th Street to the north. The rectangular site covers 20,621 square feet (1,915.8 m ), with

9702-481: Was looking to reduce its involvement in 111 West 57th Street. The next month, the developers received a four-year, $ 725 million construction loan, split between a $ 400 million senior loan from American International Group and a $ 325 million mezzanine loan from Apollo Global Management . The Qatar Investment Authority provided $ 161.5 million of the mezzanine loan through investment vehicles managed by Apollo. In March 2016, Maloney told Bloomberg News that sales at

9801-472: Was much smaller and was intended as a studio apartment. After the residential conversion, the space above the amenity area was converted to 14 units, which range between 2,580 and 5,269 square feet (239.7 and 489.5 m ). They consist of ten 3-bedroom units, three 1-bedroom units, and one studio apartment . Floor 11 has one 3-bedroom unit as well as the studio and 1-bedroom units, while floors 12, 14, 16, and 17 each have two 3-bedroom units. The largest unit,

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