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.
426 East 58th Street
It was just last week that the Bauhouse Group announced they had obtained demolition permits for their 900-foot-tall residential tower planned at 428-432 East 58th Street, near Sutton Place. The project won’t be complete until 2019, but we now have an exclusive preview of the views from the Norman Foster-designed tower.
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.
Bauhouse Group has acquired 109,000 square feet of additional air rights for their development site spanning 426-432 East 58th Street, in Midtown East, for $37.9 million. The most recently released plans depict a 95-unit Foster + Partners-designed condominium tower, measuring 268,000 square feet and standing over 900 feet tall. The developer is moving forward with an as-of-right project, according to The Real Deal.
426 East 58th Street [New York Press]: Bauhouse Group is planning a 95-unit, 268,000 square-foot luxury residential building, standing “over 900 feet tall,” at their assemblage spanning 426-432 East 58th Street, in Midtown East. Plans are not final, and the site could be sold to another developer.