The building that previously occupied the site was a 20-story building built in 1954. It contained 124 apartments, and was purchased in 2005 by Vornado for $131.5 million. After the purchase, Vornado entered a legal battle with its rent-stabilized tenants concerning their eviction. A court sided with Vornado in 2009, and the developer ultimately settled with tenants in 2010, paying between $1.3 million and $1.56 million to those remaining in the building. Vornado has reported the total land cost for the building to be over $515.4 million. Demolition of the existing structure began in 2012 after the settling of a dispute between Vornado and Extell. Extell, another developer, owned the parking garage under the previous building, and was unwilling to close it. Demolition was completed in early 2013. Robert A. M. Stern's designs were released in early 2014. The plans were approved in March 2014. The building is one of several major developments on or around 57th Street and Central Park, dubbed Billionaires' Row by the media, including One57, 432 Park Avenue, 111 West 57th Street, and Central Park Tower.
Design
Designs originally called for a "glass" tower. Contrary to the early plans, Robert A. M. Stern's designs call for a limestone-clad building, similar to other buildings by Stern such as 15 Central Park West. The building is one of three skyscrapers designed by Stern in Manhattan, joining 30 Park Place in the Financial District, and 520 Park Avenue, east of Central Park. In November 2016 Justin Casquejo, a thrill-seeking teenage free solo climber and stunt performer, hung from the not-yet-completed tower.
As of September 30, 2018, approximately 83% of the condominium units were under sales contracts, with closings scheduled through 2020. On January 23, 2019, it was reported that billionaire hedge fund manager Kenneth C. Griffin purchased a penthouse for $238 million, the most expensive home ever sold in the United States. Other reported buyers include billionaire hedge fund manager Daniel Och, financial services executive Andrew Zaro, New Yorkreal estate investor Ofer Yardeni, Entertainment Studios CEO Byron Allen and musician Sting along with his wife, actress and producer Trudie Styler.
