The Bauhouse Group’s planned 900-foot-tall residential development near the East Side’s Sutton Place has been in the works for months and now tangible progress is about to happen. The developer has obtained demolition permits for the assemblage at 428-432 East 58th Street, it announced Monday. 426 East 58th Street will remain, though air rights were purchased from it. In addition to the demolition permit announcement, a new rendering of the tower has been made public, and can be seen above. The tower, which evokes both the Rafael Viñoly-designed 432 Park Avenue and the Herzog & de Meuron-designed 56 Leonard Street, has been designed by London-based architect Norman Foster of Foster + Partners.
EXTRA: See the rendering in its full glory!
“Once the existing buildings on our site have been demolished, we will begin constructing one of the most highly-anticipated residential buildings in New York City,” said Joseph Beninati, Managing Member of The Bauhouse Group. “These permits signal exciting progress for the project, and we believe that our world class team and union contractors will develop a building that mirrors the elegance and storied past of the Sutton Place neighborhood.”
The developer said the residences “will offer some of the finest views in Manhattan.” The tower will be about 80 stories tall, YIMBY was told. Its 115 units will be spread across 270,000 square feet, which works out to the average unit size being a very spacious 2,348 square feet.
Bauhouse completed assemblage of the property in June for $37.9 million. “Joe’s site has a great land basis due to his deploying $150 mm over the last two years before the run up in Manhattan land prices on all the pieces needed to complete this assemblage,” Howard Michael of the financial advising firm the Carlton Group said. “As a result, and together with extraordinary views and historic location, we are attracting robust global and domestic capital demand to finance the project’s completion.”
Completion of the as-of-right project is expected in the spring of 2019.
Bauhouse is also working on a project on the other side of town. 515 Highline, at 515 West 29th Street, which is between the High Line and Eleventh Avenue, is expected to have sales begin in the spring of 2016. Pricing there is to be between $5 million and $9.5 million.
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