Sutton 58

Last updated

Sutton 58
Sutton 58 Aug 2021.jpg
Sutton 58
General information
StatusCompleted
Type Residential
Location426–432 East 58th Street
Coordinates 40°45′30″N73°57′41″W / 40.758291°N 73.961256°W / 40.758291; -73.961256 (Sutton 58)
Construction started2017
Completed2022
Height847 ft (258 m)
Technical details
Floor count65
Design and construction
Architect(s)Thomas Juul-Hansen
DeveloperBauhause, Gamma Real Estate

Sutton 58 (also known as 3 Sutton Place) is a residential skyscraper in the Sutton Place neighborhood of Midtown East, Manhattan in New York City. [1]

Contents

Architecture

The building was designed by Thomas Juul-Hansen and is 847 feet (258 m) tall. [2] [3] It is variously cited as containing 62 stories [2] [4] or 65 stories. [3] The site contains 260,000 square feet (24,000 m2) of buildable space. [5]

The tower's stone-and-glass facade contains five bays of windows on its northern and southern elevations and three bays on the western and eastern elevations. [6] The tower is slightly cantilevered over a neighboring building to the east. [4] [7] The cantilever extends about 10 feet (3.0 m) over the neighboring structure at 434 East 58th Street. [4] The superstructure is made of reinforced concrete. [3] [7] At the top of the building is a two-level, five-bedroom penthouse. [8]

History

Bauhouse plans

In January 2015, The Bauhouse Group secured three adjacent low-rise buildings on the east side of Midtown Manhattan in New York City. [9] [10] In March the firm acquired a fourth adjacent location, along with 100,000 square feet (9,300 m2) of air rights, intending to construct a luxury residential skyscraper. [11] [12] [13] That August, Bauhouse acquired another 109,000 square feet (10,100 m2) of air rights for $37.9 million. [14] The tower would have been designed by Foster and Partners and would have been about 1,000 feet (300 m) tall. [5] Bauhouse obtained a $63 million loan from Gamma Real Estate in early 2015 and received another $147 million loan from Gamma that June. JLL brokered the loans. [15] [16]

The plans had generated opposition by mid-2015, [17] and opponents raised money to fight the plans. [18] As a direct response to the plans for 3 Sutton Place, community members and politicians sought to rezone the neighborhood, creating a height limit of 260 feet (79 m) for the area bounded by First Avenue to the west, 52nd Street to the south, and 59th Street to the east. [19] [20] At the time, the neighborhood had no height restrictions for new buildings, and developers needed only to assemble the required air rights. [19] Residents of the neighboring 434 East 58th Street, whose air rights Bauhouse had purchased during late 2014 for $11 million, said they had been told the structure would be between 13 and 30 stories tall, only to then be shown the plans for a 90-story tower. According to a Bauhouse spokesperson, "As the complex assemblage continued into 2015, the size of the building increased." [21] [22] In the midst of opposition, Bauhouse executive Joseph Beninati sought a partner for the project, particularly one who could help underwrite the $650 million proposed cost. [23] [24] By December 2015, demolition permits had been filed for the site. [25] [26] [27] A neighboring property owner, whose house abutted one of the buildings that was going to be demolished, claimed that the demolition would damage his house. [28]

In January 2016, Bauhouse defaulted on the $147 million loan from Gamma. [29] Early the next month, Gamma had started foreclosure proceedings on the site, [30] and the Carlton Group sought an $80 million mezzanine loan for the project. [31] Gamma scheduled a foreclosure auction for the site for February 29. [32] [33] Bauhouse asked a judge to enjoin Gamma from foreclosing on the site, but the request was denied on February 23. [34] [35] The following day, JLL sued Bauhouse and Beninati for failing to pay a broker's commission for the two loans the company had secured from Gamma. [15] [16] After failing to secure additional funding, Bauhouse filed for bankruptcy on the 3 Sutton Place site two days before the auction was set to occur, thus canceling the planned auction. [36] [37] Continuing litigation cast the future of the project into doubt. [38] A bankruptcy court hearing took place in April 2016. [39]

Gamma Real Estate takeover

An auction for the development site was approved in September 2016, [40] [41] and a December auction date was scheduled two months later. [42] [43] [44] Gamma Real Estate acquired the site at auction, [45] [46] and it announced revised plans for the site. [47] The plans called for a 67-story structure with 125 apartments across about 262,000 square feet (24,300 m2). [48] Concurrently, efforts to rezone the area proceeded. [49] [50] In April 2017, the initial rezoning proposal was released and was initially met critically. [51] [52] That same month Gamma Real Estate closed on the property. [53] [54] As part of the rezoning, buildings within the rezoned area were required to have 45 to 50 percent of their bulk below a height of 150 feet (46 m). [55] [5] Therefore, either the structure would have to be limited to 260 feet (79 m), or the proposed 800-foot (240 m) tower would need to have extremely narrow upper stories, which Gamma opposed. [5]

The rezoning was approved in November, and after an initial decision to grant an exemption was reversed, construction work was halted by the end of the year. [56] [57] [58] At the time, the foundation was nearly completed. [55] [59] Work resumed in June 2018 following approval from the Board of Standards and Appeals, although the project's opponents continued their efforts to halt construction. [60] [61] [62] [63] Construction rose above street level in June 2019 and facade installation began that December. [64] [65] In August 2020, the skyscraper topped-out and facade installation passed the halfway point. [66] [2] The last portions of cladding were installed in June 2021, and by August crown installation was progressing. [67] [68] The building was completed in 2022. [1]

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References

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  2. 1 2 3 Young, Michael (August 25, 2020). "3 Sutton Place Reaches 847-Foot-Tall Pinnacle at 430 East 58th Street in Midtown East". New York YIMBY. Archived from the original on January 15, 2021. Retrieved October 12, 2021.
  3. 1 2 3 "Sutton 58 – The Skyscraper Center". Council on Tall Buildings and Urban Habitat. Retrieved October 17, 2021.
  4. 1 2 3 Cohen, Michelle (July 6, 2017). "Locals employ new zoning strategy to keep skyscrapers from rising in Midtown East". 6sqft. Retrieved October 17, 2021.
  5. 1 2 3 4 Brenzel, Kathryn (October 1, 2017). "The latest fight to build a supertall on Sutton Place heats up". The Real Deal New York. Retrieved October 17, 2021.
  6. ↑ Young, Michael (December 17, 2020). "3 Sutton Place's Glass and Stone Façade Continues Ascent in Midtown East". New York YIMBY. Retrieved October 14, 2021.
  7. 1 2 Young, Michael (August 6, 2019). "430 East 58th Street Rises Past Cantilever On Way to 800' Parapet, in Midtown East". New York YIMBY. Retrieved October 17, 2021.
  8. ↑ Montanez, Abby (October 24, 2024). "Inside the $65 Million Penthouse Atop the Tallest Tower on N.Y.C.'s Upper East Side". Robb Report. Retrieved October 27, 2024.
  9. ↑ Budin, Jeremiah (January 23, 2015). "Developer Buys on Sutton Place; Community Board Teens". Curbed New York . Archived from the original on November 25, 2020. Retrieved October 12, 2021.
  10. ↑ Geiger, Daniel (March 11, 2016). "Meet the New York developer on the brink of losing it all". Crain's New York Business. Retrieved October 17, 2021.
  11. ↑ Anuta, Joe (March 27, 2015). "Coming soon to the far East side: 200K-square-foot condo building" . Crain's New York Business . Archived from the original on May 5, 2021. Retrieved October 12, 2021.
  12. ↑ Rosenberg, Zoe (March 27, 2015). "Norman Foster To Design Another Midtown East Condo Building". Curbed New York. Archived from the original on October 20, 2020. Retrieved October 12, 2021.
  13. ↑ Marino, Vivian (May 12, 2015). "A Conversation With Joseph P. Beninati" . The New York Times . Archived from the original on June 29, 2021. Retrieved October 12, 2021.
  14. ↑ Bockman, Rich (August 3, 2015). "Bauhouse Group assembles 3 Sutton air rights for $38M". The Real Deal New York. Retrieved October 17, 2021.
  15. 1 2 Stulberg, Ariel (February 26, 2016). "JLL sues Bauhouse, Beninati over $1.9M financing commission for 3 Sutton Place". The Real Deal New York. Retrieved October 17, 2021.
  16. 1 2 Hurowitz, Noah (February 26, 2016). "Developer of Sutton Place Skyscraper Plan Faces Towering Legal Challenges". DNAinfo New York. Retrieved October 17, 2021.
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  18. ↑ Hurowitz, Noah (October 22, 2015). "Skyscraper Foes Raising Money to Fund Review for Sutton Place Rezoning Plan". DNAinfo . Archived from the original on November 24, 2020. Retrieved October 12, 2021.
  19. 1 2 Hurowitz, Noah (January 22, 2016). "Skyscraper Foes File Rezoning Plan to Impose Sutton Place Height Limit". DNAinfo . Archived from the original on February 27, 2021. Retrieved October 12, 2021.
  20. ↑ Carmiel, Oshrat (January 25, 2016). "Norman Foster's 3 Sutton Place Is Manhattan's Next Super-Tall Controversy" . Bloomberg News . Retrieved October 12, 2021.
  21. ↑ Smith, Greg B. (July 7, 2015). "Exclusive: Sutton Place residents shocked to learn new luxury apartment complex will be 90 stories high, not 30 like they were told by developers". New York Daily News. Retrieved October 17, 2021.
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  25. ↑ Bindelglass, Evan (December 1, 2015). "Demolition Permits Obtained For Bauhouse's 900-Foot Tower At 428–432 East 58th Street, Sutton Place". New York YIMBY. Retrieved October 17, 2021.
  26. ↑ Bockmann, Rich (December 1, 2015). "Bauhouse Group assembles 3 Sutton air rights for $38M". The Real Deal New York. Retrieved October 17, 2021.
  27. ↑ Anuta, Joe (November 30, 2015). "Developer razing Sutton Place buildings to prep for controversial tower". Crain's New York Business. Retrieved October 17, 2021.
  28. ↑ Hurowitz, Noah (December 7, 2015). "Sutton Place Demolition Will Destroy My Home, Resident Says". DNAinfo New York. Retrieved October 17, 2021.
  29. ↑ Hurowitz, Noah (February 25, 2016). "Grassroots Sutton Place Rezoning Plan Gets Backing from Community Board". DNAinfo . Archived from the original on November 29, 2020. Retrieved October 12, 2021.
  30. ↑ Geiger, Daniel (February 10, 2016). "Developer of controversial supertall condo tower faces foreclosure". Crain's New York Business. Retrieved October 17, 2021.
  31. ↑ Halime, Farah (February 5, 2016). "Beninati's Bauhouse seeks $80M mezz loan for 3 Sutton Place". The Real Deal . Archived from the original on March 2, 2021. Retrieved October 12, 2021.
  32. ↑ Malesevic, Dusica Sue (February 17, 2016). "Bauhouse's Sutton Place site may head to foreclosure auction". The Real Deal New York. Retrieved October 17, 2021.
  33. ↑ Brenzel, Kathryn (February 17, 2016). "Lender on controversial Manhattan condo tower project to hold foreclosure auction". Crain's New York Business. Retrieved October 17, 2021.
  34. ↑ Mashayekhi, Rey (February 23, 2016). "Judge denies Bauhouse's bid to block 3 Sutton Place foreclosure sale". The Real Deal New York. Retrieved October 17, 2021.
  35. ↑ Warerkar, Tanay (February 24, 2016). "Planned Sutton Place Tower In Jeopardy As Judge Allows Sale to Proceed". Curbed NY. Retrieved October 17, 2021.
  36. ↑ Malesevic, Dusica Sue (February 29, 2016). "Bauhouse LLC files for bankruptcy at 3 Sutton Place site". The Real Deal New York. Retrieved October 17, 2021.
  37. ↑ Geiger, Daniel (February 28, 2016). "Developer of troubled supertower files for bankruptcy to hold onto his building" . Crain's New York Business . Archived from the original on April 11, 2021. Retrieved October 12, 2021.
  38. ↑ Brake, Alan (March 4, 2016). "Future of Foster + Partners' 3 Sutton Place skyscraper in New York under threat". Dezeen . Archived from the original on January 24, 2021. Retrieved October 12, 2021.
  39. ↑ Corrigan, Tom; Barbanel, Josh (April 8, 2016). "Bankruptcy Is Bellwether of New York's Condo Market". Wall Street Journal. ISSN   0099-9660 . Retrieved October 17, 2021.
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  41. ↑ Cohen, Michelle (December 20, 2015). "Debt-beleaguered site of Norman Foster's 3 Sutton Place condo tower is cleared for sale". 6sqft. Retrieved October 17, 2021.
  42. ↑ Corigan, Tom (November 21, 2016). "Stalled Sutton Place Project to Hit Auction Block" . The Wall Street Journal . Archived from the original on December 18, 2017. Retrieved October 12, 2021.
  43. ↑ Bockmann, Rich (November 18, 2016). "Auction scheduled for Beninati's Sutton Place site". The Real Deal New York. Retrieved October 17, 2021.
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  45. ↑ Clark, Katherine (December 13, 2016). "Gamma wins 3 Sutton Place at foreclosure auction". The Real Deal . Archived from the original on March 7, 2021. Retrieved October 12, 2021.
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  47. ↑ Schulz, Dana (December 30, 2016). "Gamma Real Estate files plans for 850-foot tower at long-stalled Sutton Place site". 6sqft. Archived from the original on December 3, 2020. Retrieved October 12, 2021.
  48. ↑ "Gamma Real Estate, East Midtown locals trade barbs over 3 Sutton Place project". Real Estate Weekly. April 25, 2017. Retrieved October 17, 2021.
  49. ↑ Barbanel, Josh (November 27, 2016). "Community Groups on Manhattan's East Side Fight Proposed 950-foot Tower" . The Wall Street Journal . Archived from the original on October 11, 2017. Retrieved October 12, 2021.
  50. ↑ Schulz, Dana (November 28, 2016). "Locals push for Sutton Place rezoning ahead of auction for site of planned 950-foot tower". 6sqft. Archived from the original on October 25, 2020. Retrieved October 12, 2021.
  51. ↑ TRD Staff (April 13, 2017). "City Planning critical of community group's fight against Gamma's UES tower". The Real Deal . Archived from the original on December 2, 2020. Retrieved October 12, 2021.
  52. ↑ Warekar, Tanay (April 13, 2017). "Proposed Sutton Place rezoning would stymie affordable housing: city". Curbed New York . Archived from the original on July 6, 2019. Retrieved October 12, 2021.
  53. ↑ Baird-Remba, Rebecca (April 7, 2017). "Gamma Closes on $86M Purchase of 3 Sutton Place, Taps Juul-Hansen as Architect for Tower". Commercial Observer . Archived from the original on November 26, 2020. Retrieved October 12, 2021.
  54. ↑ Gannon, Devin (April 10, 2017). "Gamma Real Estate closes on $86M purchase of 3 Sutton Place, taps Thomas Juul-Hansen for new design". 6sqft. Archived from the original on November 9, 2020. Retrieved October 12, 2021.
  55. 1 2 Gannon, Devin (December 20, 2015). "Construction halted at 800-foot Sutton Place tower after City Council approves rezoning". 6sqft. Retrieved October 17, 2021.
  56. ↑ Walker, Aeena (October 5, 2017). "Sutton Place rezoning proposal finds consensus at City Planning". Curbed New York . Archived from the original on July 2, 2019. Retrieved October 12, 2021.
  57. ↑ Carmiel, Oshrat (November 15, 2017). "NYC Condo Skyscraper's Builder Wins a Round – With a Catch" . Bloomberg News . Archived from the original on December 16, 2017. Retrieved October 12, 2021.
  58. ↑ Barbanel, Josh (November 15, 2017). "Zoning Change Won't Stop Manhattan Tower" . The Wall Street Journal . Archived from the original on April 30, 2019. Retrieved October 12, 2021.
  59. ↑ Brenzel, Kathryn (November 30, 2017). "Gamma says work will halt at Sutton Place condo tower after Council votes on rezoning". The Real Deal . Archived from the original on November 25, 2020. Retrieved October 12, 2021.
  60. ↑ Young, Michael (June 27, 2018). "Approvals Secured for Gamma Real Estate's 3 Sutton Place, Midtown East". New York YIMBY. Archived from the original on March 7, 2021. Retrieved October 12, 2021.
  61. ↑ Colman, Michelle (June 27, 2018). "City says work can resume on Sutton Place's controversial 800-foot tower". 6sqft. Archived from the original on February 24, 2021. Retrieved October 12, 2021.
  62. ↑ "Sutton Place neighborhood fights on against supertall condo" . Crain's New York Business . Bloomberg News. June 29, 2018. Archived from the original on January 20, 2021. Retrieved October 12, 2021.
  63. ↑ Daley, Hope (August 29, 2018). "Residents sue to stop Sutton 58 high rise construction in NYC". Archinect. Archived from the original on November 9, 2020. Retrieved October 12, 2021.
  64. ↑ Young, Michael (May 27, 2019). "430 East 58th Street Begins to Rise Above Sutton Place, in Midtown East". New York YIMBY. Archived from the original on March 2, 2021. Retrieved October 12, 2021.
  65. ↑ Young, Michael (December 12, 2019). "430 East 58th Street's Façade Begins Installation in Midtown East". New York YIMBY. Archived from the original on January 24, 2021. Retrieved October 12, 2021.
  66. ↑ CityRealty Staff (August 18, 2020). "3 Sutton Place nears apex as new Trader Joe's at BridgeMarket approved by Landmarks". CityRealty. Archived from the original on October 11, 2021. Retrieved October 12, 2021.
  67. ↑ Young, Michael (June 16, 2021). "New Rendering Revealed for Thomas Juul-Hansen's 3 Sutton Place in Midtown East, Manhattan". New York YIMBY. Archived from the original on July 15, 2021. Retrieved October 12, 2021.
  68. ↑ Young, Michael (August 17, 2021). "3 Sutton Place's Crown Installation Progresses in Midtown, Manhattan". New York YIMBY. Archived from the original on August 18, 2021. Retrieved October 12, 2021.
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