The yellow safety cocoon has been installed around the perimeter of the floor plates at 430 East 58th Street, aka 3 Sutton Place, as construction of the 800-foot-tall skyscraper rises above Midtown East. Located between Sutton Place South and First Avenue, the formwork has surpassed the parapets of the adjacent buildings and is cantilevered out over the structure’s eastern neighbor. The project is being designed by Thomas Juul-Hansen and developed by Gamma Real Estate. Stephen B. Jacobs Group is the executive architect on the project.
430 East 58th Street
After several years of legal battles between developers involved with the project, and NIMBYs who were not, construction on 430 East 58th Street, aka 3 Sutton Place, is finally now rising above street level. The first set of reinforced concrete floors have already been poured, and formwork is now above the adjacent buildings. A slight cantilever on the eastern elevation is beginning to form and protrude outwards. The future residential skyscraper was formerly being designed by Foster + Partners, but is now being overseen by Thomas Juul-Hansen, and is set to rise 800 feet over the Midtown East neighborhood of Sutton Place. Gamma Real Estate is the developer, and the lot is located between Sutton Place South and First Avenue.
Earlier today, Gamma Real Estate secured approval from the Board of Standards and Appeals to continue with construction of the Foster + Partners designed residential tower that will rise over 800 feet above its surrounding context, at 3 Sutton Place. Located just south of the Ed Koch Queensboro Bridge on East 58th Street between Sutton Place South and 1st Avenue, and only a stone’s throw away from the East River, the project has continued to stir controversy and disapproval from local NIMBYs, who have been attacking the plans since renderings were revealed back in December 2015.
New building applications for single and multi-family residential developments in New York City saw a major slowdown in 2016, as the fading boom following the changes that occurred at the Department of Buildings in 2014 began to slack further. Numbers have plunged by over half since 2014, and by 38 percent since 2015. The full report with spreadsheets covering every new building application is available at the research store.
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.