Midtown East

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.


159 East 53rd Street

Renovation Planned for Six-Story, 200,000-Square-Foot Office Building at 159 East 53rd Street, Midtown East

Boston Properties is conducting a $150 million renovation on the six-story, 200,000-square-foot commercial building at 159 East 53rd Street, in Midtown East. The structure, known as the base component of the 59-story former Citigroup Center at 601 Lexington Avenue, will receive a redesigned façade with larger windows and a new private lobby and entrance. The ground-floor and below-grade retail spaces will also see renovations, as well as the installation of a food hall and dining area, Crain’s reported. A renovation to the public plaza beneath 601 Lexington is also in store. Since the complex was designated an individual landmark on Tuesday, the Landmarks Preservation Commission must approve any exterior alterations. The building is currently vacant.





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