Joseph Beninati

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

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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Joseph Beninati

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

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

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

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

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