NEW YORK | Sutton 58 (428-432 East 58th Street) | 847 FT | 67 FLOORS

I just want CPT to get built and I’ll be more than happy to see these other towers be put on hold.

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Hopefully East Midtown will be fully rezoned by then!

True! That will spur an entirely different boom. There’s plenty more to come! Maybe this was just act 1?

Don’t forget Steinway, perhaps One Vanderbilt will keep us going during the hold, any updates on the demolition of that btw?

Hopefully :slightly_smiling:

Besides the implications of the rezoning, we are also seeing more residential filler popping up along the Fifth Avenue corridor… whether 138 E 50th and 520 Fifth move forward this cycle or not, those sites are likely to sprout near-supertalls in the near future, and they probably herald a new typology of 800-1,200’ residential towers in this area that are expensive but relatively attainable vs. the billionaire buildings on 57th.

That would be awesome. I think CPT is so important because it will be a focal point of Midtown with a roof height elevation above sea level of 1630’. Throw in a bunch of 250-300 meter towers and you have the makings of something truly epic!

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We have plenty of high profile projects currently U/C to keep us satisfied for the time being. We’re definitely set for a while so we can just sit back and enjoy. It seems as if every time NYC goes through a new construction boom, the momentum grows more and more. The boom of the 2000s brought us some great additions to the skyline but not on the same scale as we have been seeing in this particular cycle. I can only imagine how epic the next boom will be.

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I’m guessing the next boom will really take off with the midtown east rezoning. That should bring some monumental changes! As well as additional buildings in Hudson Yards and whatever else comes up in LIC, DoBro and JC.

Midtown East is very unique… the price-points for new dev are going to be INSANE. But some firms are willing to pay the premium. I still think it would be better for the rezoning to allow mixed-use so that developers aren’t forced to rent space at $150+/SF and can buffer margins with very high-end residential on upper floors.

The problem it may encounter is that Hudson Yards is finally gaining momentum and the FiDi’s rebirth is also chugging ahead very quickly… while Midtown East is relatively stable. The new buildings in those neighborhoods will have rents far below Midtown East’s asking rates, as well as amenities/etc that are stellar, so some developers may have issues achieving the price-points that merit redevelopment of current properties.

Of course, neither of those neighborhoods are adjacent to GCT, which is why Midtown East commands such a premium.

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LOL whatever happened to this? I think they defaulted on some payment and I believe it wont be built.

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The auction is slated to take place Dec. 13, with an option to push the process back to Dec. 20. Judge Lane is expected to consider final approval of the sale to the winning bidder within days of the auction and in time to wrap up the sale before the end of the year.

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^^

Community Groups on Manhattan’s East Side Fight Proposed 950-foot Tower

Building would be too tall, say opponents, who want delay until new zoning plan can be put into effect


By Josh Barbanel

Community groups are organizing to delay and shrink a proposed 950-foot tower on Manhattan’s East Side, even as the site is headed for a court-ordered auction in December.

Last Monday, a bankruptcy judge ordered the sale of the East 58th Street site, assembled by Joseph Beninati ’s Bauhouse Group. But the community groups, along with elected officials, are hoping to delay the project until a new zoning plan limiting building heights can be put into effect.

The plan, which the groups and officials said they were ready to formally propose to the City Planning Commission as early as this week, calls for buildings in the neighborhood to be no taller than 260 feet.

“I want to stop the march of 1,000-foot towers into residential neighborhoods,” said Councilman Ben Kallos, a Manhattan Democrat who is supporting the zoning change.

The groups hope it is approved before development work begins at the site. The proposed change also could discourage bidders at the auction, which was ordered by the court following a dispute between Bauhouse Group and its lenders, led by N. Richard Kalikow.

The zoning change isn’t the only hurdle the project faces. On Wednesday, the Department of Buildings blocked a permit needed to complete demolition of the site, after conducting an audit requested by Mr. Kallos.

The delay is a further setback, since the demolition was intended to enhance the site’s value to potential bidders.

The permit application, submitted as a result of a bankruptcy court order, was for stabilizing a building next door to the tower site, so demolition could proceed. But the buildings department blocked it.

Mr. Kallos said he was told that plans to protect tenants of the building, 426 E. 58th St., weren’t adequate.

Charles Fernandez, a 71-year-old retired security guard who lives there, said construction workers wanted to spend several days in his apartment cutting holes in his ceiling to brace the joists in the buildings. He prefers that they wait until spring.

Charles Fernandez lives at 426 E. 58th St., the building next door to the tower site.

“They want to do it now when it is cold,” he said. “I am not well.”

A lawyer for the building’s owner declined to comment.

Alan Kersh, president of the East River 50s Alliance, which represents the neighborhood residents and civic groups pushing for the zoning change, said it is an unusual move for a community group since it requires application fees and consultants that can cost hundreds of thousands of dollars.

In this case, members of the group include affluent residents of a high-rise co-op across the street from the site, whose views may be blocked by the proposed tower. ​

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So now that we know who’s taking control of the site, would anyone like to speculate on what Gamma will do with it? Given the cooling ultra-luxury market and the intense local opposition to Bauhaus’ plans, I’d be surprised if they attempted to build anything right away. So, flip it? Or is $98M cheap enough that Gamma could afford to sit on the site until the next cycle heats up?

Idk, but I think they will wait for the next cycle as long as this hideous building is not built. I like tall buildings, but only when they fit in.

formerly 426-432 East 58th Street

…kind of

[quote][…]
N. Richard Kalikow’s firm, which paid $98 million for the site and air rights earlier this month, submitted plans to build a 67-story tower with 389 apartments. The 262,069-square-foot building would have two units per floor on floors two through 66; amenities on the first five floors will include a playroom, lounge, gym and conference room, according to an application filed Wednesday with the city’s Department of Buildings.
[…]
But Gamma isn’t necessarily planning to develop the tower on its own, or at all. Firm president Jonathan Kalikow said Gamma filed building plans at 3 Sutton Place to “safeguard the property” while it weighs its options, which include finding a joint venture partner, moving forward on its own or selling the site.

“Obviously one of the big issues is getting the project started and making sure we got moving so its not a stalled project like its been for the past year,” he told The Real Deal. “We’re just eager to get past the bankruptcy, past the foreclosure and put that behind us and really achieve the ultimate goal, which is to get repaid.”
[…][/quote]

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