Gamma likely can’t beat clock to avoid proposed zoning change that will stunt Sutton Place tower

Jonathan Kalikow says foundation won't be complete

Jonathan Kalikow and a rendering of Sutton 58
Jonathan Kalikow and a rendering of Sutton 58

Gamma Real Estate’s Jonathan Kalikow said his company “will absolutely not” be finished with the foundation of Sutton 58 to escape a potential zoning change that will slash the tower in half.

A proposal to rezone 10-block area including Gamma’s 430 East 58th Street could be voted on as early as next month. The change would require buildings in the area to adhere to “tower on a base” standards, which means that 45 to 50 percent of the building would need to be built below 150 feet. This would mean the 67-story tower would likely be downsized to a 35-story building, Bloomberg reported.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

Gamma would need to finish the bulk of its foundation work before the zoning change is approved in order to avoid the new restrictions. Construction crews have been working Saturdays, and Kalikow has previously said he’s hopeful that they’d beat the clock. But he told Bloomberg that they won’t be able to catch up. [Bloomberg]Kathryn Brenzel