Bauhouse Group buys UES assemblage for $32M

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

From left: Joseph Beninati and 428 East 58th Street
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.

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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