Don’t call it a comeback.
Sales were sluggish at JDS Development and Property Market Group’s Steinway Tower, particularly compared to the supertall’s high-profile neighbors on Billionaires’ Row. But that changed after Nikki Field of Sotheby’s International took the lead on sales last summer.
The 59-unit property at 111 West 57th Street has notched a notable upswing in deals: Fifteen units have sold for a combined $263.7 million since early 2024, according to an analyst report from BTIG for the building’s lender, Apollo Commercial Real Estate.
“Momentum is certainly positive,” said Stuart Rothstein, CEO of Apollo Commercial Real Estate Finance, on an earnings call on Friday.
Rothstein also mentioned the building has $127 million of executed or pending contracts across seven units.
The strong sales allowed the developers to pay off a $200 million senior loan that came in front of Apollo, according to Rothstein. Apollo also has a $288 million mezzanine position on the property, which will be converted into a senior loan.
“All unit closings will go toward reducing ARI’s (Apollo Commercial Real Estate) loan,” said Rothstein on the call.
In 2023, Apollo wrote off a junior mezzanine loan, leading to an $82 million loss because of sluggish sales.
Field’s team was the third to take on sales at the building since its launch in 2018. The group, which was tasked with selling 27 units, took over from Corcoran, who replaced Douglas Elliman in 2022.
The veteran broker credited their recent success to “repositioning, not just in price, but in perception.”
“We did not just relist the homes,” Field said in a statement, adding that the team “reintroduced the building to the global marketplace with a fresh identity, aspirational lifestyle, and a strategic approach grounded in our understanding of who these buyers are and what motivates them.
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