Gamma Real Estate

430 East 58th Street Rises Past Cantilever On Way to 800′ Parapet, in Midtown East

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.

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430 East 58th Street Begins to Rise Above Sutton Place, in Midtown East

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.

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Approvals Secured for Gamma Real Estate’s 3 Sutton Place, Midtown East

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.

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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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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.


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