PMG’s Kevin Maloney on Billionaire’s Row supertall: a financial “disaster”
Property Markets Group’s Kevin Maloney did not mince words about 111 West 57th Street. “From an architectural point of view, it’s a marvel,” the firm’s founder said of the Billionaire’s Row supertall that rises over 1,400 feet high yet is just 60 feet wide. “Financially it was a disaster.” Maloney spoke about the challenges of the project faced on Tuesday at a panel on supertall development at the National Association of Real Estate Editors’ annual conference in Miami. “We recently completed, and not really too successfully, this tiny tower in Manhattan,” he said. “That project took us about 11 years.” […]
This article originally appeared on The Real Deal. Click here to read the full story.
Categories
Recent Posts
How the Government Pays You to Buy a Short-Term
Rental
Should You Renovate Your Kitchen Before Selling?
Housing Notes: 25 years later, Downtown Manhattan real
estate continues to thrive
Billionaire Chris Burch lists Hamptons home five years after
buy
BH3, Capstone land $208M construction loan for DoBro
office-to-resi conversion
After 25 years, real estate players remember Sept.
11
Socialite Libbie Mugrabi loses Bridgehampton home in
dramatic auction
High-ROI, Value-Add Renovations for Any Investor (and How
Much They’ll Cost)
RFR back as buyer, purchases UES retail condo for
$57M
StreetEasy gets strict on private listings
