{"id":1232,"date":"2026-06-04T19:12:24","date_gmt":"2026-06-04T19:12:24","guid":{"rendered":"https:\/\/metrotransitreview.com\/?p=1232"},"modified":"2026-06-04T19:12:24","modified_gmt":"2026-06-04T19:12:24","slug":"exclusive-billionaires-row-developer-calls-his-luxury-supertall-a-financial-disaster-weeks-after-its-trophy-penthouse-was-discreetly-delisted","status":"publish","type":"post","link":"https:\/\/metrotransitreview.com\/?p=1232","title":{"rendered":"Exclusive | Billionaires’ Row developer calls his luxury supertall a financial ‘disaster’ \u2014 weeks after its trophy penthouse was discreetly delisted"},"content":{"rendered":"
\n

The developer behind one of Manhattan\u2019s most recognizable skyscrapers has delivered a surprisingly blunt verdict on the project that helped redefine Billionaires\u2019 Row.<\/p>\n

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Kevin Maloney, founder of Property Markets Group and co-developer of the ultra-slender 111 W. 57th St., praised the tower\u2019s striking design while acknowledging the financial pain it caused.<\/p>\n

\u201cFrom an architectural point of view, it\u2019s a marvel,\u201d Maloney said Tuesday during a panel discussion at the National Association of Real Estate Editors conference in Miami.<\/p>\n

Then, he admitted: \u201cFinancially, it was a disaster.\u201d<\/p>\n

The candid assessment came just weeks after the building\u2019s crown jewel, a four-story penthouse that once carried a massive $110 million asking price, quietly disappeared from the market.<\/p>\n

The residence, known as Quadplex 80, occupies the tower\u2019s top four floors and was unveiled last year as New York City\u2019s most expensive publicly listed home \u2014 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.<\/p>\n

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\u2019s being marketed as two separate penthouses \u2014 the $42.5 million penthouse 80 and the $40 million penthouse 82 \u2014 by Adam Modlin of the Modlin Group. Still, should a buyer prefer, the quadplex can still be available, though it isn\u2019t publicly at present.<\/p>\n

For Maloney, the roller-coaster journey has been more than a decade in the making.<\/p>\n

\u201cWe recently completed, and not really too successfully, this tiny tower in Manhattan,\u201d he told attendees. \u201cThat project took us about 11 years.\u201d<\/p>\n

The development, launched in partnership with Michael Stern\u2019s JDS Development Group, began construction in 2013 at the height of New York\u2019s super-luxury condominium boom. But the project encountered turbulence long before residents moved in.<\/p>\n

Sales were originally expected to launch in 2016, but a cooling luxury market pushed those plans back two years. Rising construction expenses created funding gaps that eventually led the developers to default on a $725 million loan backed by Apollo Global Management and AIG.<\/p>\n

Then came the pandemic.<\/p>\n

Speaking afterward with reporters, Maloney said the already challenging market conditions deteriorated further once New York fully shut down in 2020, slowing sales momentum at a building that had been conceived during a very different era for luxury real estate.<\/p>\n

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Yet after years of setbacks, the tower has staged a remarkable comeback.<\/p>\n

In 2024, Sotheby\u2019s International Realty broker Nikki Field took over marketing efforts with 23 unsold residences remaining. Since then, her team says it has generated roughly $480 million in contracts and closings, helping transform what had become one of Manhattan\u2019s most closely watched luxury developments.<\/p>\n

\u201cMy team has a history of saving properties,\u201d Field said. \u201cIt took us about a month to review it and then decide that we could reinvent it, rebrand it, reposition it.\u201d<\/p>\n

The turnaround coincided with renewed strength at the top end of Manhattan\u2019s housing market. High-profile buyers returned, including entrepreneur Robert Herjavec and British developer Christian Candy, both of whom purchased homes in the building after significant price reductions.<\/p>\n

\u201cA couple of big names got bigger discounts because we wanted them in the building, and we knew that they would attract other buyers,\u201d Field said.<\/p>\n

Industry insiders say pricing ultimately proved critical.<\/p>\n

\u201cThey got realistic with pricing,\u201d Jorge Lopez, founder of Mundi Group, told the Real Deal.\u00a0<\/p>\n

Field also overhauled the resident experience, replacing staff, bringing in hospitality veterans and introducing luxury services designed to compete with the city\u2019s top hotel-branded residences.<\/p>\n

\n<\/div>\n

\u201cIt was not presenting ultra luxury,\u201d she said. \u201cYou needed a much better experience from the curb on up through the presentation.\u201d<\/p>\n

The effort appears to have paid off.<\/p>\n

Earlier this year, a duplex penthouse in the tower entered contract for roughly $42 million, making it the largest residential deal on Billionaires\u2019 Row so far in 2026. The buyer, described as a European billionaire, plans to use the residence as a primary home.<\/p>\n

Today, the 1,428-foot skyscraper wrapping around the landmarked Steinway Hall is reported to be approximately 98% sold.<\/p>\n

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Kevin Maloney praised the tower\u2019s striking design while acknowledging the financial pain it caused.<\/p>\n","protected":false},"author":1,"featured_media":1231,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53],"tags":[],"class_list":["post-1232","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate"],"yoast_head":"\nExclusive | Billionaires' Row developer calls his luxury supertall a financial 'disaster' \u2014 weeks after its trophy penthouse was discreetly delisted - Metro Transit Review<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/metrotransitreview.com\/?p=1232\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Exclusive | Billionaires' Row developer calls his luxury supertall a financial 'disaster' \u2014 weeks after its trophy penthouse was discreetly delisted - 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