The Real Deal New York

Bauhouse receives Sutton Place demo permits

Firm still seeking financing for the project

December 01, 2015 09:33AM

A rendering of 3 Sutton place (inset: Joseph Beninati)

A rendering of 3 Sutton Place on the Upper East Side (inset: Joseph Beninati)

The Bauhouse Group is moving forward with its Upper East Side condo tower, despite not yet having secured additional financing for the project.

The firm announced Monday that it had received demolition permits for the site, located at 426-432 East 58th Street, Crain’s reported.

Bauhouse plans an 80-story, 270,000-square-foot, 115-unit condominium tower there, designed by Foster + Partners.

The company, led by Joseph Beninati, assembled the site in six different purchases totaling about $70 million. The total cost of the tower is pegged at around $650 million.

Beninati was seeking a partner for the project as recently as August, but Crain’s reports he’s now retained the Carlton Group to sell the project to domestic and foreign credit markets.

The development, which Beninati initially promised would stand only 13 stories, has seen fervent opposition from local residents. [Crain’s]Ariel Stulberg