NEW YORK | 430 East 58th Street (Sutton 58) | 844 FT | 67 FLOORS - Page 8

McSky · #**141** Posted **Dec 14, 2016, 4:27 PM**

The price was so low because of the re-zoning efforts to limit max height. Not the market.

Crawford · #**142** Posted **Dec 14, 2016, 4:45 PM**

Quote:

Originally Posted by McSky

The price was so low because of the re-zoning efforts to limit max height. Not the market.

The city already refused to rezone the site, so I doubt that plays any role. The local NIMBYs are likely getting a supertall, or something thereabouts.

Also, is that price "so low"? Distressed assets always go for reduced prices. Doesn't sound too cheap to me.

NYguy · #**143** Posted **Dec 29, 2016, 6:36 PM**

http://therealdeal.com/2016/12/29/af...50-foot-tower/

After winning 3 Sutton Place at auction, Gamma files plans for 850-foot tower
Firm says it submitted documents to "safeguard the property" while it weighs its options

December 29, 2016
By E.B. Solomont

Quote:

....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.”

Beninati previously proposed a 950-foot-tall tower designed by Norman Foster at 3 Sutton Place, prompting outcry from Midtown East residents who later proposed a downzoning to cap the height of the building at 260 feet.

Dac150 · #**144** Posted **Dec 29, 2016, 7:28 PM**

Sounds like a big wait-and-see, however I'm glad they have some options to weigh.

chris08876 · #**145** Posted **Dec 29, 2016, 9:22 PM**

850's a good height. We just need a stellar design in the end, which I hope will happen. Something that captivates the eye and imagination like 520 Park Avenue.

Eidolon · #**146** Posted **Apr 8, 2017, 10:47 AM**

Gamma Closes on $86M Purchase of 3 Sutton Place, Taps Juul-Hansen as Architect for Tower
By Rebecca Baird-Remba
April 7, 2017

Quote:

After triumphing in court and winning a foreclosure auction, Gamma Real Estate has closed on the $86 million acquisition of a development site at 3 Sutton Place, where it plans to build a 700-foot-tall condominium tower designed by Thomas Juul-Hansen.

Public records show that the assemblage includes three contiguous lots at 428-432 East 58th Street between First Avenue and Sutton Place. The filing of the deed is the final step in a year-long saga over the site, which has been locked in a legal battle between Joseph Beninati’s Bauhouse Group and N. Richard Kalikow’s Gamma Real Estate. A bankruptcy court order was filed with the city’s Department of Finance yesterday, coinciding with the deed.

Gamma paid $86 million for the properties and $12 million for additional air rights in a foreclosure auction last December, The Real Deal reported at the time. Two weeks later, the firm filed plans for a 67-story, 389-unit condo building. Over the past couple months, it has finished demolishing three tenement buildings that occupied the site.

While the initial filings called for an 844-foot-tall building, Gamma President Jonathan Kalikow said the new tower will rise 700 feet. Stephen B Jacobs Group is the executive architect, but Gamma has tapped Danish-born architect Thomas Juul-Hansen to design the skyscraper, Kalikow told Commercial Observer.

chris08876 · #**147** Posted **Apr 8, 2017, 12:28 PM**

Juul-Hansen is a good pick. He did some work on One57 I believe regarding the interiors.

antinimby · #**148** Posted **Apr 9, 2017, 1:53 AM**

Shoot, was hoping for a ginormous supertall to really stick it to those NIMBYs.

NYguy · #**149** Posted **Apr 14, 2017, 12:11 AM**

https://therealdeal.com/2017/04/13/c...mas-ues-tower/

City Planning critical of community group’s fight against Gamma’s UES tower
Group wants to cap heights to under 300 feet tall

Kathryn Brenzel
April 13, 2017

Quote:

The Department of City Planning is not yet on board with a community group’s proposal to chop the height of Gamma Real Estate’s proposed Upper East Side tower by more than half.

The East River 50s Alliance submitted a revised application to the department, seeking to limit the height of 3 Sutton Place to between 210 and 260 feet tall, Politico reported. The developer’s plans call for a 700-foot-tall residential tower.

The group, which initially filed an application last year, wants to apply the city’s voluntary inclusionary housing program to the tower as well as its surrounding neighborhood — an area bounded by East 51st and 59th streets and First Avenue and Sutton Place.

City Planning’s Bob Tuttle noted that many of the buildings in the area wouldn’t comply with the proposed zoning change.

“This proposal would reduce the amount of housing that could be built in the area, based on unduly restrictive limits on heights. Such actions would contribute to exacerbating the shortage in the supply of housing,” he wrote.

Officials told Politico that this is the first time in recent memory that a group of residents has proposed changing the city’s zoning regulations to target one development.

For its part, Gamma has accused the group of pursuing the change out of self-interest, saying many of the members are residents of a nearby high-rise, the Sovereign, and are just trying to protect their views. Gamma purchased the property at the end of last year through foreclosure.

chris08876 · #**150** Posted **Apr 14, 2017, 1:54 AM**

Quote:

The East River 50s Alliance submitted a revised application to the department, seeking to limit the height of 3 Sutton Place to between 210 and 260 feet tall, Politico reported. The developer’s plans call for a 700-foot-tall residential tower.

Thats ridiculous. 210-260 ft lol...

This has over 268k of rights, and the limit they want on it is absurd. Given what we've lost already, 700 ft is a gift, especially if its paired with a nice modern design from Hansen.

Quote:

“This proposal would reduce the amount of housing that could be built in the area, based on unduly restrictive limits on heights. Such actions would contribute to exacerbating the shortage in the supply of housing,” he wrote.

Same folks who I bet complain about prices. Well, unless they are lucky and have rent controlled or have units that were bought in the 70's, but it's selfish really. Housing, with limited or no parking, is good.

The area around 3 Sutton has your bulky 20-25 floor towers, but a few blocks away, you have ones that are 450+. I think 700 ft is not out of touch.

chris08876 · #**151** Posted **May 3, 2017, 9:54 PM**

Sutton Place Tower Plans Partially Approved by City, Records Show

Quote:

A developer seeking to build a 67-story apartment building still has "numerous" issues to resolve before the city will fully approve its plans and issue a permit to proceed with construction, according to the Department of Buildings.

On April 21, Gamma Real Estate's plans for an 850-foot tower at 430 E. 58th St. received partial approval because "numerous building code items" needed to be corrected on drawings that were submitted to the DOB, according to department spokesman Alex Schnell.

Schnell did not get into detail about what those corrections were, but said that foundation work plans were approved but no permits had been issued yet.

Gamma filed plans for a permit to start building the high-rise's foundation this month, according to Gamma president Jonathan Kalikow. The project includes 125 apartments, a yoga room, party room and a lounge.

"We fully intend to meet all additional requirements by the Department of Buildings — including engaging and informing the community — as construction moves forward," he said in a statement.

The partial approval is the latest development for the project since the company first filed its plans on Dec. 28, 2016. The initial application for a permit was rejected in January because it was "incomplete."

===========================
https://www.dnainfo.com/new-york/201...plans-approval

chris08876 · #**152** Posted **May 4, 2017, 11:10 PM**

I checked the DOB and found this:

Quote:

Pre-Filed: 12/28/2016 Building Type: Other Estimated Total Cost: $0.00
Date Filed: 04/21/2017 Electronically Filed: Yes
Fee Structure: STANDARD
Review is requested under Building Code: 2014

[...]

13 Building Characteristics

Primary structural system: Masonry Concrete (CIP) Concrete (Precast) Wood
Steel (Structural) Steel (Cold-Formed) Steel (Encased in Concrete)

Proposed
Structural Occupancy Category: II - OTHER THAN I, III OR IV
Seismic Design Category: CATEGORY B
2014/2008 Code Designations?
Occupancy Classification: R-2 - RESIDENTIAL: APARTMENT HOUSES Yes No
Construction Classification: I-A: 3 HOUR PROTECTED - NON-COMBUST Yes No
Multiple Dwelling Classification: HAEA
Building Height (ft.): 844
Building Stories: 67
Dwelling Units: 389

PeterQM · #**153** Posted **May 26, 2017, 6:25 PM**

Gamma Races Ahead with Construction of Controversial Sutton Place Tower
May 26, 2017

Quote:

The race is on to complete the foundation of Gamma Real Estate’s condo tower slated for the tranquil enclave of Sutton Place. After prevailing in court and capturing the site in a foreclosure auction from Bauhouse Group, Gamma has wasted no time moving ahead with their plans. Per the Commercial Observer, the Richard Kalikow-led real estate firm closed on the site in April for $86 million. Days after securing the lot, building permits were filed for a 67-story tower —and more recently— construction equipment has moved onto the site to begin excavation work.

More info on the project & detailed zoning diagrams HERE.

NYguy · #**154** Posted **May 26, 2017, 7:05 PM**

Good. Screw those people.

chris08876 · #**155** Posted **May 26, 2017, 7:15 PM**

Excellent. Just in time for the summer.

NYguy · #**156** Posted **Jun 6, 2017, 3:18 PM**

Look at these a$$holes...

http://www1.nyc.gov/assets/planning/...cp046m-eas.pdf

chris08876 · #**157** Posted **Jun 6, 2017, 10:31 PM**

Read this study during work (because why not) and it looks like a small reduction but one that will not really impact the tower at all. Interesting that the r10 zoning and the towers in the neighborhood are underrated in terms of what could actually rise. In other words, way below the height max of the area.

But there isn't any concern really with hazardous waste or any major environmental concerns that would stop this project. The change requiring less market rate, and affordable would hit the pockets.

toddguy · #**158** Posted **Jun 7, 2017, 12:34 PM**

New York has so many tall proposals it is hard to keep up! *tries not to be too envious*

yankeesfan1000 · #**159** Posted **Jul 1, 2017, 1:52 PM**

Shocker.

Sutton Place rezoning to restrict skyscraper heights gets community board backing

"... Community Board 6 voted to approve a resolution in support of the zoning change put forward by a community group, the East River Fifties Alliance, Real Estate Weekly reports. Among other things, the rezoning proposal sets a height limit of 260 feet on new buildings...

... This zoning proposal roughly concerns the area east of First Avenue between East 52nd and East 58th/59th Streets which is currently zoned as R10—the city’s highest-density zoning category, which means it is easier to build skyscrapers in this particular area. Research conducted by the Alliance shows that the height limit they selected (260 feet) is based on the fact that 91 percent of the buildings in the area are near or less than this height...

... Manhattan Borough President Gale Brewer, City Council members Daniel Garodnick and Ben Kallos, and State Senator Liz Krueger were all co-applicants on this zoning change proposal, and hailed the community board’s decision as a first victory...

...Community Board 6 will now provide its comments to the City Planning Commission, as will the Manhattan Borough President’s office. The Planning Commission and the City Council will then seal the fate of this zoning change proposal.

Gamma declined to issue Curbed a comment, but Gamma president Jonathan Kalikow said the following to Real Estate Weekly:

“This self-serving proposal is not about community zoning. Rather, it is designed to protect the special interests of a small group of Community Board 6 members, many of whom reside at The Sovereign, a large luxury apartment building located adjacent to the Sutton 58 site. At every step, this application has been wholly driven by the desire of these residents to preserve views, not to benefit their community.”

chris08876 · #**160** Posted **Jul 1, 2017, 3:10 PM**

I don't think it will go through. There are steps to ultimately get this through, and it will die as it goes up the city ranks. Checks and balances with respect to illogical decisions. The Planning Commission and the City Council is where it will die.

Quote:

Community Board 6 voted to approve a resolution in support of the zoning change put forward by a community group, the East River Fifties Alliance, Real Estate Weekly reports. Among other things, the rezoning proposal sets a height limit of 260 feet on new buildings...

Yeah 260 foot restriction.

In Manhattan lets not forget. In the Village it makes sense but not in Midtown East/Fringes of UES South.