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Sutton 58

Coordinates:40°45′30″N73°57′41″W/ 40.758291°N 73.961256°W/40.758291; -73.961256(Sutton 58)
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Sutton 58
Map
General information
StatusCompleted
TypeResidential
Location426–432 East 58th Street
Coordinates40°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 as3 Sutton Place) is a residential skyscraper in theSutton Placeneighborhood ofMidtown East,Manhattanin New York City.[1]

Architecture[edit]

The building was designed byThomas Juul-Hansenand 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-glassfacadecontains fivebaysof 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]Thesuperstructureis made ofreinforced concrete.[3][7]

History[edit]

Bauhouse plans[edit]

In January 2015, The Bauhouse Group secured three adjacentlow-risebuildings on the east side ofMidtown Manhattanin New York City.[8][9]In March the firm acquired a fourth adjacent location, along with 100,000 square feet (9,300 m2) ofair rights,intending to construct a luxury residential skyscraper.[10][11][12]That August, Bauhouse acquired another 109,000 square feet (10,100 m2) of air rights for $37.9 million.[13]The tower would have been designed byFoster and Partnersand 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.JLLbrokered the loans.[14][15]

The plans had generated opposition by mid-2015,[16]and opponents raised money to fight the plans.[17]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.[18][19]At the time, the neighborhood had no height restrictions for new buildings, and developers needed only to assemble the required air rights.[18]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."[20][21]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.[22][23]By December 2015, demolition permits had been filed for the site.[24][25][26]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.[27]

In January 2016, Bauhouse defaulted on the $147 million loan from Gamma.[28]Early the next month, Gamma had started foreclosure proceedings on the site,[29]and the Carlton Group sought an $80 millionmezzanine loanfor the project.[30]Gamma scheduled a foreclosure auction for the site for February 29.[31][32]Bauhouse asked a judge to enjoin Gamma from foreclosing on the site, but the request was denied on February 23.[33][34]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.[14][15]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.[35][36]Continuing litigation cast the future of the project into doubt.[37]A bankruptcy court hearing took place in April 2016.[38]

Gamma Real Estate takeover[edit]

An auction for the development site was approved in September 2016,[39][40]and a December auction date was scheduled two months later.[41][42][43]Gamma Real Estate acquired the site at auction,[44][45]and it announced revised plans for the site.[46]The plans called for a 67-story structure with 125 apartments across about 262,000 square feet (24,300 m2).[47]Concurrently, efforts to rezone the area proceeded.[48][49]In April 2017, the initial rezoning proposal was released and was initially met critically.[50][51]That same month Gamma Real Estate closed on the property.[52][53]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).[54][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.[55][56][57]At the time, the foundation was nearly completed.[54][58]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.[59][60][61][62]Construction rose above street level in June 2019 and facade installation began that December.[63][64]In August 2020, the skyscrapertopped-outand facade installation passed the halfway point.[65][2]The last portions of cladding were installed in June 2021, and by August crown installation was progressing.[66][67]The building was completed in 2022.[1]

References[edit]

  1. ^ab"Sutton 58".The Skyscraper Center.CTBUH.Archivedfrom the original on October 10, 2021.RetrievedOctober 12,2021.
  2. ^abcYoung, Michael (August 25, 2020)."3 Sutton Place Reaches 847-Foot-Tall Pinnacle at 430 East 58th Street in Midtown East".New York YIMBY.Archivedfrom the original on January 15, 2021.RetrievedOctober 12,2021.
  3. ^abc"Sutton 58 – The Skyscraper Center".Council on Tall Buildings and Urban Habitat.RetrievedOctober 17,2021.
  4. ^abcCohen, Michelle (July 6, 2017)."Locals employ new zoning strategy to keep skyscrapers from rising in Midtown East".6sqft.RetrievedOctober 17,2021.
  5. ^abcdBrenzel, Kathryn (October 1, 2017)."The latest fight to build a supertall on Sutton Place heats up".The Real Deal New York.RetrievedOctober 17,2021.
  6. ^Young, Michael (December 17, 2020)."3 Sutton Place's Glass and Stone Façade Continues Ascent in Midtown East".New York YIMBY.RetrievedOctober 14,2021.
  7. ^abYoung, Michael (August 6, 2019)."430 East 58th Street Rises Past Cantilever On Way to 800' Parapet, in Midtown East".New York YIMBY.RetrievedOctober 17,2021.
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  9. ^Geiger, Daniel (March 11, 2016)."Meet the New York developer on the brink of losing it all".Crain's New York Business.RetrievedOctober 17,2021.
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  13. ^Bockman, Rich (August 3, 2015)."Bauhouse Group assembles 3 Sutton air rights for $38M".The Real Deal New York.RetrievedOctober 17,2021.
  14. ^abStulberg, Ariel (February 26, 2016)."JLL sues Bauhouse, Beninati over $1.9M financing commission for 3 Sutton Place".The Real Deal New York.RetrievedOctober 17,2021.
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  18. ^abHurowitz, Noah (January 22, 2016)."Skyscraper Foes File Rezoning Plan to Impose Sutton Place Height Limit".DNAinfo.Archivedfrom the original on February 27, 2021.RetrievedOctober 12,2021.
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  24. ^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.RetrievedOctober 17,2021.
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  28. ^Hurowitz, Noah (February 25, 2016)."Grassroots Sutton Place Rezoning Plan Gets Backing from Community Board".DNAinfo.Archivedfrom the original on November 29, 2020.RetrievedOctober 12,2021.
  29. ^Geiger, Daniel (February 10, 2016)."Developer of controversial supertall condo tower faces foreclosure".Crain's New York Business.RetrievedOctober 17,2021.
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  33. ^Mashayekhi, Rey (February 23, 2016)."Judge denies Bauhouse's bid to block 3 Sutton Place foreclosure sale".The Real Deal New York.RetrievedOctober 17,2021.
  34. ^Warerkar, Tanay (February 24, 2016)."Planned Sutton Place Tower In Jeopardy As Judge Allows Sale to Proceed".Curbed NY.RetrievedOctober 17,2021.
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  36. ^Geiger, Daniel (February 28, 2016)."Developer of troubled supertower files for bankruptcy to hold onto his building".Crain's New York Business.Archivedfrom the original on April 11, 2021.RetrievedOctober 12,2021.
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  38. ^Corrigan, Tom; Barbanel, Josh (April 8, 2016)."Bankruptcy Is Bellwether of New York's Condo Market".Wall Street Journal.ISSN0099-9660.RetrievedOctober 17,2021.
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External links[edit]

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