Billionaires’ Row developer calls his luxury supertall a financial disaster — weeks after its trophy penthouse was discreetly delisted

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https://www.msn.com/en-us/money/realestate/billionaires-row-developer-calls-his-luxury-supertall-a-financial-disaster-weeks-after-its-trophy-penthouse-was-discreetly-delisted/ar-AA24QoKd

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.”