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 Academic Leadership Charter School has filed applications for a seven-story, 84,850-square-foot facility at 356 East 139th Street, in the South Bronx’s Mott Haven section. The new building will feature a 34-car parking garage on the cellar levels; a gymnasium, a nurse’s office, and administrative offices on the ground floor, with additional administrative offices and meeting rooms on the second floor; a cafeteria, auditorium, and playground on the third floor; and a library on the fourth floor, with classrooms for various disciplines across the fourth through seventh floors. Stamford, Conn.-based Partners For Architecture is the architect of record. The 12,500-square-foot lot is vacant.
Two years ago, the Landmarks Preservation Commission floated the idea of clearing its backlog of items from before 2010 by simply de-calendaring all of them. That was not well-received, to put it lightly. So, they devised a series of steps to actually address those 95 items. That process nearly came to an end today, with the designation of 10 new city landmarks.
Triple Five Group will restart construction early next year on the long-stalled and horrendous-looking American Dream Meadowlands retail and entertainment project, located in East Rutherford, New Jersey. The 3-million-square-foot complex is scheduled to open in late 2018, the Record reported.
Kew Gardens-based Empire Home Sales has filed applications for a three-story, six-unit residential building at 277 Milford Street, in the heart of East New York. The project will measure 6,810 square feet and its residential units should average 860 square feet apiece, indicative of family-sized configurations. It’s unclear if the apartments will be rentals or condominiums. Paul Lombardi’s Brooklyn-based Design Studio Associates is the architect of record. The 40-foot-wide, 4,000-square-foot lot is vacant.