Midtown East

426-430 East 58th Street, image via Google Maps

Gamma Files Plans for 850-Foot-Tall Tower at 430 East 58th Street

7:00 am on January 2, 2017 By Rebecca Baird-Remba

Last year, Bauhouse Group’s Joseph Beninati unveiled ambitious plans to build a 950-foot-tall skyscraper at 3 Sutton Place, also known as 430 East 58th Street. Beninati defaulted on a $147 million loan in January, and the original lender for the deal, Gamma Real Estate, purchased the site and air rights for $98 million in a foreclosure auction last month. Now they’ve filed plans for an 844-foot-tall residential building on the property between First Avenue and Sutton Place.

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The 40 individual landmarks designated by the New York City Landmarks Preservation Commission in 2016

A Look Back at the New York City Landmarks Designated in 2016

4:30 pm on December 23, 2016 By Evan Bindelglass

2015 marked the 50th anniversary of the New York City landmarks law. There were occasions to celebrate, and the Landmarks Preservation Commission designated six individual landmarks and four historic districts. 2016 was considerably busier for the commission. It designated 40 individual landmarks and two historic districts, including 12 new Midtown East landmarks and 26 sites from its backlog. Here are all of them, for you to take in as the year comes to a close.

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Rendering of 426-432 East 58th Street by Foster + Partners.

New Owner Acquires Development Site at 428-432 East 58th Street, Midtown East

6:30 am on December 14, 2016 By Reid Wilson

Gamma Real Estate has acquired, through a foreclosure auction for $98 million, the development site at 428-432 East 58th Street, located in the Sutton Place section of Midtown East. Gamma paid $86 million for the property and another $12 million for air rights, The Real Deal reported. Bauhouse Group assembled the site in 2015, with a $130 million acquisition loan from Gamma, and planned to develop a 900-foot-tall condominium tower at the site. The developer later defaulted on the property, which ultimately concluded in the bankruptcy auction held yesterday. It has not been revealed what the new property owner intends to do with the site, which boasts over 260,000 square feet of development rights. Demolition permits are on file for the site’s three five-story townhouses.

159 East 53rd Street

Renovation Planned for Six-Story, 200,000-Square-Foot Office Building at 159 East 53rd Street, Midtown East

6:30 am on December 8, 2016 By Reid Wilson

Boston Properties is conducting a $150 million renovation on the six-story, 200,000-square-foot commercial building at 159 East 53rd Street, in Midtown East. The structure, known as the base component of the 59-story former Citigroup Center at 601 Lexington Avenue, will receive a redesigned façade with larger windows and a new private lobby and entrance. The ground-floor and below-grade retail spaces will also see renovations, as well as the installation of a food hall and dining area, Crain’s reported. A renovation to the public plaza beneath 601 Lexington is also in store. Since the complex was designated an individual landmark on Tuesday, the Landmarks Preservation Commission must approve any exterior alterations. The building is currently vacant.

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