M&T Bank Lends $30M on 111 West 57th Street Tower
By Andrew Coen October 25, 2023 11:56 am
reprints
JDS Development has secured a $30 million loan for its mega-tall residential skyscraper at 111 West 57th Street in Manhattan’s Billionaires’ Row, property records show.
M&T Bank (MTB) provided the substitute mortgage loan for one of the residential units on the 84-story building that contains 60 luxury condominiums.
The $1 billion building fully opened late last year, five years after JDS and joint venture partner Property Markets Group inked $725 million of construction financing from AIG and Apollo Global Management to build the 1,438-foot-tall tower, Crain’s New York Business reported at the time.
Located steps from Central Park, 111 West 57th features a landmarked interior on the ground floor that was formerly a showroom for piano maker Steinway & Sons. Retail space is planned in that space, while other property amenities include a pool with cabanas, a sauna, a fitness center, a private dining room, a lounge with outdoor terrace, meeting rooms, a golf simulator and an indoor padel court.
JDS Development and M&T Bank declined to comment.
Andrew Coen can be reached at acoen@commercialobserver.com
The story has been updated to reflect that the loan covered one of the property’s residential units and not the enture building.
