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Midtown East


23 East 39th Street

27-Story, 97-Key Pestana Hotel Planned at 23 East 39th Street, Midtown East

The Pestana Hotel Group has purchased, for $16 million, a 99-year ground-lease for the 2,469-square-foot vacant lot at 23 East 39th Street, in Midtown East. The hotelier is planning to develop a 27-story, 97-key hotel at the site, Commercial Observer reported. Building permits, approved by the Department of Buildings in December 2015, are currently on file for a 27-story, 96-key structure, which YIMBY reported on in 2014. The plans indicate the tower will encompass 39,964 square feet and rise 273 feet to its pinnacle. Gene Kaufman’s SoHo-based architecture firm is behind the plans, although it wasn’t stated if Pestana will move forward with the same design. Arbalest Capital Corp. is the property owner. The site was home to a five-story building until March 2016, when it was demolished.


426-430 East 58th Street, image via Google Maps

Gamma Files Plans for 850-Foot-Tall Tower at 430 East 58th Street

Last year, Bauhouse Group’s Joseph Beninati unveiled ambitious plans to build a 950-foot-tall skyscraper at 3 Sutton Place, also known as 430 East 58th Street. Beninati defaulted on a $147 million loan in January, and the original lender for the deal, Gamma Real Estate, purchased the site and air rights for $98 million in a foreclosure auction last month. Now they’ve filed plans for an 844-foot-tall residential building on the property between First Avenue and Sutton Place.

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The 40 individual landmarks designated by the New York City Landmarks Preservation Commission in 2016

A Look Back at the New York City Landmarks Designated in 2016

2015 marked the 50th anniversary of the New York City landmarks law. There were occasions to celebrate, and the Landmarks Preservation Commission designated six individual landmarks and four historic districts. 2016 was considerably busier for the commission. It designated 40 individual landmarks and two historic districts, including 12 new Midtown East landmarks and 26 sites from its backlog. Here are all of them, for you to take in as the year comes to a close.

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Rendering of 426-432 East 58th Street by Foster + Partners.

New Owner Acquires Development Site at 428-432 East 58th Street, Midtown East

Gamma Real Estate has acquired, through a foreclosure auction for $98 million, the development site at 428-432 East 58th Street, located in the Sutton Place section of Midtown East. Gamma paid $86 million for the property and another $12 million for air rights, The Real Deal reported. Bauhouse Group assembled the site in 2015, with a $130 million acquisition loan from Gamma, and planned to develop a 900-foot-tall condominium tower at the site. The developer later defaulted on the property, which ultimately concluded in the bankruptcy auction held yesterday. It has not been revealed what the new property owner intends to do with the site, which boasts over 260,000 square feet of development rights. Demolition permits are on file for the site’s three five-story townhouses.