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.
428 East 58th Street
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.
The rise of the supertalls has been several years in the making, and One57, 432 Park Avenue, and One World Trade Center have offered a preview of the increasingly gargantuan changes taking place across New York City. But 2016 will mark the start of a new era for the city’s skyline. With six supertalls of 300 meters (984 feet) or greater now rising, the city’s total number of such buildings will nearly double, from seven to thirteen. Yesterday, the New York Post featured YIMBY’s compilation of the towers, and today we wanted to give our own rundown on the image and its implications for our continually-changing city.
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.