JDS Development sells 111 West 57th unit for $27.9M, 8th sale in tower recorded

The entity Pv 2020 LLC paid $27.9 million to JDS Development Group through the entity 111 West 57th Property Owner LLC for condo unit 48 at 111 West 57th Street in Midtown West, Manhattan.
The deal closed on March 31, 2022 and was recorded on April 15, 2022. The unit has 4,492 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $6,213 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for JDS Development Group was Michael Stern. The signatory for Pv 2020 LLC was Xiaomin Chen. This is for unit 48.

According to the PincusCo database of recorded new condominium sales, this is the eighth sale recorded in building, totaling $88.7 million. The tower has 60 condo units and a sellout of $1.38 billion.

Development

On these lots, there is one active major alteration construction project for a 60-unit, 305,734-square-foot R-2 building. The project was developed by Michael Stern with plans filed August 6, 2013, permitted June 23, 2015 and given its initial temporary certificate of occupancy on April 17, 2020. On the tax lot, there was a condominium project filed with the address 111 West 57th Street and the name 111 West 57th Street Condominium on May 12, 2015. The principals of the sponsor, 111 WEST 57TH PROPERTY OWNER LLC, were Joshua Crane, Kevin Maloney, Robert Schwartz, and Michael Stern.

The block

On this tax block, PincusCo has identified the owners of five of the 48 commercial properties representing 312,502 square feet of the 1,541,269 square feet. The largest owner is Alchemy Properties, followed by S.W. Management and then Extell Development. There are two active new building construction projects totaling 1,555,607 square feet. The largest is a 1,502,992-square-foot B building developed by Alchemy with plans filed November 13, 2019 and it has not been permitted yet.

The majority, or 62 percent of the 1.3 million square feet of built space are residential elevator buildings, with hotel buildings next occupying 25 percent of the space.

Surrounding

Within a 400-foot radius of 111 West 57th Street, PincusCo identified nine commercial real estate items of interests occurred over the past 24 months.
Of those nine items, three were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $675,000 and two initial temporary certificate of occupancy issuances for projects that initially costed $19.2 million. The most recent of these three items was the temporary certificate of occupancy on March 30, 2021 for a 111,074-square-foot R-1 building with 214 residential units at 101 West 57th Street.
Of those nine items, two were sales above $5 million totaling $137.3 million. The most recent of the two was Namdar Realty Group which bought the 9,755-square-foot, eight-unit rental (C7) on 117 West 57th Street for $7.3 million from Peter Loucas on November 26, 2021.
Of those nine items, four were loans above $5 million totaling $271.6 million. The most recent of the four was Namdar Realty Group which borrowed $11.6 million from Ladder Capital secured by the 9,755-square-foot, eight-unit rental (C7) on 117 West 57th Street and one other property on December 3, 2021.

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