Six Units Left at 111 West 57th, With $112.6M Restated Against Them

On August 11 the city recorded an agreement between JDS Development Group’s 111 West 57th Property Owner LLC and ACREFI Holdings J-1, LLC, an Apollo Global Management entity at 9 West 57th Street, carrying an amount of $112,644,622.55. The document is dated June 1. Its legal descriptions run to six unit lots, and those six lots are what the Steinway Tower has left.

Why it matters

An agreement of this shape restates existing debt across remaining collateral. It is not new money, and nobody should read it as a fresh $112.6 million loan. What it does is publish a number the market normally has to guess at: roughly how much an inventory lender is still owed against one of the most watched condo towers in the world, and against exactly how much unsold product.

The count is the part you cannot get anywhere else. ACRIS names PH76 on lot 1859, PH80 on 1861, PH82 on 1862, residence 11E on 1807, and commercial units 1 and 2 on lots 1801 and 1802. Four residences and two commercial spaces. That last detail matters to anyone modeling the remaining sell-out, because commercial square footage does not clear at residential velocity.

The numbers

In the same batch, Apollo’s entity took a $20,000,000 mortgage on PH76, assigned it to Athene Annuity and Life Company, released PH76 from its collateral, and the deed conveyed the unit to an entity called FIL Bros. Family Home NYC 111W57 LLC for $41,750,076. A sixth document ties that buyer to Athene for the $20,000,000. Press reported the buyer as undisclosed, and no filing we read names a principal behind it.

PH76 is a four-bedroom duplex with 6,512 sq ft of interior space and a 309 sq ft terrace, the building’s last duplex. The recorded price works out to $6,411 per sq ft of interior. It was first asked at $54.6 million in June 2023, so the close sits 23.5 percent under a first asking price set three years earlier.

What’s next

The structure is the takeaway for any sponsor carrying an inventory loan on a slow-moving condo. Apollo released its collateral, then wrote the buyer’s paper into Athene. The exit risk did not disappear, it moved from the lender’s balance sheet to its annuity book. A lender that can do that has more patience on your unsold units than one that cannot, and it has a reason to keep the sell-out orderly rather than forced. Four residences and two commercial units remain on the record, and any further release will show up the same way. More New York market coverage.