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

Posted On Mon, November 21, 2016 By

Posted On Mon, November 21, 2016 By In Architecture, condos, New Developments, Sutton Place 

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.

428-432 East 58th Street, Sutton Place, Norman Foster

The high-profile mid-block east side site has been plagued by controversy; Beninati’s Bauhouse Group had assembled a 262,000-square-foot development at the site. But the site went into bankruptcy last spring after Beninati was was unable to refinance $130 million in loans that had been made by entities controlled by N. Richard Kalikow, then defaulted on a mezzanine loan. Also the subject of controversy is the size of the proposed tower, which outraged neighborhood groups, who in January filed an application with the city to rezone the area to limit buildings to 260 feet.

Beninati and Bauhouse group lost control of a Soo K. Chan-designed, 15-unit project at 515 West 29th Street near Tenth Avenue earlier this year; according to Crain’s it’s still unclear whether Bauhouse has maintained any stake in the project, which is still listed on the company’s website though it has changed hands.

[Via Crains]

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Neighborhoods : Sutton Place

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