Bauhouse Group

Gamma Real Estate closes on $86M purchase of 3 Sutton Place, taps Thomas Juul-Hansen for new design

The original rendering of 3 Sutton Place by Foster + Partners

April 10, 2017

Gamma Real Estate closes on $86M purchase of 3 Sutton Place, taps Thomas Juul-Hansen for new design

Following a contentious legal battle, Gamma Real Estate has won the foreclosure auction and closed on the $86 million acquisition of 3 Sutton Place, a development site where the firm plans on building a 700-foot-tall condominium tower. As Commercial Observer learned, this includes three neighboring lots at 428-432 East 58th Street between First Avenue and Sutton Place. Earlier this year, 6sqft explained that a bankruptcy judge authorized the sale of the property after Joseph Beninati’s Bauhouse Group failed to pay back creditors. While Stephen B Jacobs remains the executive architect, Gamma has hired Thomas Juul-Hansen, a Danish-born architect, who will design the skyscraper.
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Real Estate Trends

December 30, 2016

Gamma Real Estate files plans for 850-foot tower at long-stalled Sutton Place site

By Dana Schulz

When Gamma Real Estate's $98 million bid won the debt-beleaguered site at 3 Sutton Place just a couple weeks ago at a bankruptcy auction, 6sqft noted that the firm could either re-sell, bring the original plan for a 900-foot condo tower by starchitect Norman Foster to fruition, take on a joint-venture partner, or move forward with a plan of its own. The Real Deal now tells us that Gamma filed plans with the Department of Buildings for an 844-foot, 67-story tower with 389 apartments. However, he says this is to "safeguard the property" while the firms weighs all the aforementioned options.
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New Developments

December 13, 2016

Gamma Real Estate’s $98M bid wins debt-ridden Sutton Place site at foreclosure auction

By Dana Schulz

The debt-beleagured Sutton Place site that included plans for a 900-foot-tall luxury condo from starchitect Norman Foster has finally had its day at the auction, and the winning bidder was N. Richard Kalikow’s Gamma Real Estate, according to The Real Deal. A bankruptcy judge authorized the sale of the property at 3 Sutton Place in September, after Joseph Beninati's Bauhouse Group failed to pay back creditors and partners on the 262,000-square-foot development. Gamma controlled the entities that originally loaned Beninati $130 million, but as of today the developer outbid Brooklyn investor Isaac Hager, paying $86 million for the site and $12 million for additional air rights, far less than the predicted $187 million price tag.
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Uncategorized

November 28, 2016

Locals push for Sutton Place rezoning ahead of auction for site of planned 950-foot tower

By Dana Schulz

Despite the fact that the site is headed to the auction block next month, local residents and elected officials are rallying to prevent the possible construction of a 950-foot condo tower on East 58th Street in tony Sutton Place. Curbed reports that the group, which includes Councilmen Ben Kallos and Dan Garodnick and Manhattan Borough President Gale Brewer, have submitted a plan to the City Planning Commission that proposes a height cap of 260 feet for the area bounded by East 52nd and East 59th streets east of First Avenue where there is currently no limit on how tall apartment towers can be.
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November 21, 2016

Site of planned Norman Foster-designed Sutton Place condo tower to be auctioned off next month

By Michelle Cohen

The 262,000-square-foot project that includes plans for a 900-foot-tall luxury condominium tower drawn up by British architect Sir Norman Foster of Foster + Partners that embattled developer Joseph Beninati had hoped to build in the heart of Sutton Place is set to be auctioned next month, according to Crains. As 6sqft previously reported, the sale of the property at 3 Sutton Place was authorized in September to pay back creditors and partners who were owed money from the derailed project, and a source has told Crain's that an auction is scheduled for December 13 with bids due by December 8.
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September 21, 2016

Debt-beleaguered site of Norman Foster’s 3 Sutton Place condo tower is cleared for sale

By Michelle Cohen

A US Bankruptcy Court judge has approved a plan to sell the 3 Sutton Place site at at 426-432 East 58th Street, one of the city's most luxurious old enclaves, reports the New York Post. Brokers have been selected to conduct the marketing of the 262,000-square-foot project that includes plans for a 900-foot-tall condominium tower drawn up by British architect Sir Norman Foster of Foster + Partners.
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December 8, 2015

Get a Look at the 900-Foot Views From Norman Foster’s Sutton Place Tower

By Dana Schulz

Bauhouse Group received permits just a week ago to raze a string of buildings at 428-432 East 58th Street in Sutton Place, and as 6sqft previously reported, the developer had tapped starchitect Norman Foster to design the 900-foot luxury residential tower. New York Yimby now has a first look at the building's stunning views from 100 feet and up. From the top, "just some of the things you’ll be able to see are Central Park, the George Washington Bridge, 432 Park Avenue, the Empire State Building, the Chrysler Building, Sony Tower, the Citigroup Center, One World Trade Center, the Ed Koch Queensboro Bridge, Roosevelt Island, the RFK Bridge, the Hell Gate Bridge, the United Nations, and the Williamsburg Bridge."
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REVEALED: 900-Foot Norman Foster-Designed Condo Tower Coming to Sutton Place

Rendering of the new tower (L); The four-building assemblage at 426-432 East 58th Street (R)

April 7, 2015

REVEALED: 900-Foot Norman Foster-Designed Condo Tower Coming to Sutton Place

By Ondel Hylton

First spotted by the eagle-eyes at SkyscraperPage, a New York Press article has given us our first look at a potential 900-foot skyscraper reportedly designed by Foster + Partners and developed by the Bauhouse Group. The New York City-based real estate development and investment firm had recently closed on the three-building $32 million rental portfolio in tony Sutton Place at 428-432 East 58th Street. In March, the firm acquired a fourth property at 426 East 58th Street. According to the New York Press story, "A sales brochure put together by Cushman and Wakefield dubs the project as the 'Sutton Place Development'... there are indications that Bauhouse is looking to offload the site to another developer, and that whoever winds up buying the lot could build even higher than 900 feet." Bauhouse is expected to release further details and renderings to the community this spring.
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July 23, 2014

Design of SCDA Architects’ Arty New Building for the High Line Unveiled

By Aisha Carter

Renderings for 515 High Line have been revealed, and it appears the Soo Chan-designed building will be quite the standout. The images, unearthed by NY YIMBY, reveal an 11-story structure with a few distinctive qualities to set it apart, even as the competition from surrounding developments, including Zaha Hadid’s West 28th street condo, grows steeper. The building has a simple base while the upper levels are defined by protruding slabs of glass that create a rippling effect. But the simple base, two sides of which will be facing the park, plans to be more than just a blank canvas. Taking the artistic nature of the High Line’s new buildings to the next step, 515 West 29th Street’s base will serve as an actual canvas, showcasing the work of up-and-coming artists.
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