The Real Deal New York

Bauhouse Group buys UES assemblage for $32M

Buildings on East 58th Street between First Avenue and Sutton Place include 22 apartments

January 23, 2015 03:36PM

From left: Joseph Beninati and

From left: Joseph Beninati and 428 East 58th Street

Real Estate development firm Bauhouse Group, which is developing condominiums along the High Line, bought a rental portfolio for $32 million.

The firm bought a Manhattan assemblage, comprised of three contiguous walkups, at 428-432 East 58th Street between First Avenue and Sutton Place. The buildings house a combined 22 units, including a handful that are rent regulated. The Bauhouse Group recently started pre-sales for its new developmnet at 515 West 29th Street.

Eastern Consolidated’s Adelaide Polsinelli and Andrei Danshes represented the building’s seller.

Sutton Place is one of the most quiet and historic neighborhoods in Manhattan, and we’re looking forward to being a property owner in the neighborhood,” said Joseph Beninati, managing member of the Bauhouse Group, in a statement. — Claire Moses

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