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Posted on 06/04/2026 1:08:24 PM PDT by dennisw
The developer behind one of Manhattan’s most recognizable skyscrapers has delivered a surprisingly blunt verdict on the project that helped redefine Billionaires’ Row.
Kevin Maloney, founder of Property Markets Group and co-developer of the ultra-slender 111 W. 57th St., praised the tower’s striking design while acknowledging the financial pain it caused.
“From an architectural point of view, it’s a marvel,” Maloney said Tuesday during a panel discussion at the National Association of Real Estate Editors conference in Miami.
Then, he admitted: “Financially, it was a disaster.”
The candid assessment came just weeks after the building’s crown jewel, a four-story penthouse that once carried a massive $110 million asking price, quietly disappeared from the market.
The residence, known as Quadplex 80, occupies the tower’s top four floors and was unveiled last year as New York City’s most expensive publicly listed home — at a price that has since been surpassed. The sprawling aerie stretches across more than 11,400 square feet, with private terraces, a dedicated elevator, a spiral staircase and sweeping views that span Central Park, both rivers and the Manhattan skyline.
The trophy listing was later reduced to $98 million. Last month it was removed from public marketing altogether, according to its StreetEasy history. Now, instead of that massive swath, it’s being marketed as two separate penthouses — the $42.5 million penthouse 80 and the $40 million penthouse 82 — by Adam Modlin of the Modlin Group. Still, should a buyer prefer, the quadplex can still be available, though it isn’t publicly at present.
For Maloney, the roller-coaster journey has been more than a decade in the making.
“We recently completed, and not really too successfully, this tiny tower in Manhattan,” he told attendees. “That project took us about 11 years.”
(Excerpt) Read more at nypost.com ...
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Gotta come up with a catchier name.
This ridiculousness explains Mamdani’s appeal to the people in the city barely getting by.
Attention Mayor Muslim, this looks ideal for the homeless. There is another very tall, recently built condo building there. Has a very small footprint and sways. San Fran Sicko has a swaying condo tower too.
Sway by the Stones -
https://www.youtube.com/watch?v=hZ8Bc6jz-W8&t=2s
Did you ever wake up to find
A day that broke up your mind
Destroyed your notion of circular time
It’s just that demon life has got you in its sway
It’s just that demon life has got you in its sway
Ain’t flinging tears out on the dusty ground
For all my friends out on the burial ground
Can’t stand the feeling getting so brought down
It’s just that demon life has got me in its sway
It’s just that demon life has got me in its sway
There must be ways to find out
Love is the way they say is really strutting out
Hey, hey, hey now
One day I woke up to find
Right in the bed next to mine
Someone that broke me up with a corner of her smile, yeah
It’s just that demon life has got me in its sway
It’s just that demon life has got me in its sway
It’s just that demon life has got me in its sway
It’s just that demon life has got me...
It’s just that demon life has got me...
Songwriters: Mick Jagger, Keith Richards. For non-commercial use only.
What an amazing building. Too bad it is now in a Communist Mozlem run city. It is like putting gold on top of dog poop.
It may be nice, but who needs or wants to live in the rotten apple?
The Golden Turd trophy 🏆
Are there HOA fees on top of that? If yes, I'm out.
for masters of the universe only
“Gotta come up with a catchier name.”
THE EAGLE’S NEST sounds cooler.
Any dog poop, of any of the dogs I have raised, never smelled as bad as New York.
“ Gotta come up with a catchier name.”
******************************
Toothpick Tip.
No tears for this guy. This is a “mixed” tower. ( housing office, retail). The big losses underscores the disastrous decline for commercial demand in Manhattan. Also private investors are not investing in moderately priced residential construction given the taxes, regulations and anti capitalist attitudes of the “socialists” who now control NYC. Yet for now the demand for luxury housing (perhaps excluding this monstrosity) remains solid in Manhattan.The elites still want to live in Manhattan.
“It may be nice, but who needs or wants to live in the rotten apple?”
Don’t mind the maggots. The criminals and homeless schizoid crazies that might bop you on the streets or push you onto the subway tracks. When they elect a muslim mayor you know that city is Ready for Freddy.
“a massive $110 million asking price....more than 11,400 square feet”
Almost $10,000 per square foot!
For $110 million, one might buy 5 square miles of land and put 100 $500,000 mansion shells on it.
“Are there HOA fees on top of that? If yes, I’m out.”
I subscribed to the New York Times in the early 1980s. I remember prices of around $40,000 and monthly maintenance fees as much as Northern Virginia rents.
I couldn’t live up that high. It would feel sort of nightmarish to me.
I think a side street Upper East Side townhouse would cost about $240,000 in the late 1970s.
Any billionaire investing in a commie dystopia like NYC deserves his fate.
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