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Old January 20th, 2016, 12:37 AM   #41
Hudson11
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I cant wait for the NIMBY tears.
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Old January 20th, 2016, 02:59 AM   #42
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Facade retention for the current buildings would be nice.
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Old January 22nd, 2016, 09:15 PM   #43
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those are dumpy buildings, nothing worth saving
midtown should not have any walk ups, nor any height limits for that matter
anything between 23rd and chambers st is a different story and every potential demolition should be scrutinized tenfold
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Old January 22nd, 2016, 10:27 PM   #44
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East Side Rezoning Plan Aims to Halt Sutton Place Supertall

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A group of Sutton Place residents and politicians have filed plans for a rezoning drafted by urban planners that would block the development of supertall towers in that area of town. The East River Fifties Alliance has formally submitted their plan for a rezoning of the area bounded by First Avenue and the East River between 52nd and 59th streets to the Department of City Planning. The rezoning text is an effort between bigwigs like Senator Liz Krueger, City Councilmen Ben Kallos and Daniel Garodnick, Borough President Gale Brewer, and community stakeholders to thwart the encroachment of tall towers, like the 900-foot development Bauhouse Group has planned for East 58th Street between First Avenue and Sutton Place, on the neighborhood. "We are drawing a line on the march of superscrapers at billionaire's row to protect our city's residential neighborhoods," Kallos said in a statement.

The plan is intended to replace the area's R10 zoning designation, a 1960's-era piece of urban planning with no height restrictions that would allow the as-of-right development of Bauhouse's tower, with a new zoning designation that would limit building height to 260 feet, or 25 stories, require at least 25-percent of residential units in new developments to be dedicated to affordable housing, and would encourage the development of new community spaces like medical offices and day cares. The plan would quadruple the requisite amount of affordable housing in new developments. Whether affordable housing will be mandatory, voluntary, or other is still being worked out between the East River Fifties Alliance and City Planning in the negotiations process.

But just because the plan has been submitted does not mean it will be adopted and approved by the City Council. The plan is now in the pre-ULURP stages, and will move into ULURP where it will be reviewed by the city for approval.
Current zoning potential:


Proposed zoning potential:
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Old January 22nd, 2016, 10:32 PM   #45
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That's dumb, but there is a shred of hope

Quote:
But just because the plan has been submitted does not mean it will be adopted and approved by the City Council. The plan is now in the pre-ULURP stages, and will move into ULURP where it will be reviewed by the city for approval.
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Old February 8th, 2016, 07:15 PM   #46
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Bad news: Height cut. New height unknown

From Ny.Curbed:
http://ny.curbed.com/archives/2016/0...ut_sources.php

Quote:
The controversial, 900-foot tower set to rise on the Upper East Side has taken a significant height cut going down from the original planned 80 stories down to 62 stories, The Real Deal reports. While the number of stories have reduced, it's not immediately clear how much the actual height will reduce itself or whether there will be larger floors. Either way the project has received a great deal of pushback from community groups like the East River 50s Alliance, who have also now released a proposed zoning plan to ban megatowers in that part of the Upper East Side.

[...]

Carlton along with the lead developer on the project, the Bauhouse Group have struggled to find financing for the building since August last year, and even at a reduced height it is expected to cost about $750 million.
The Real Deal on the other hand says: tower is down to 68 stories.

Article on the Real Deal:
http://therealdeal.com/2016/02/05/be...3-sutton-place
Quote:
Foster + Partners is slated to design the tower, according to previous news reports, but there was no mention of Foster in the letter. Representatives for Bauhouse declined to comment, as did representatives for Carlton
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Old February 8th, 2016, 07:34 PM   #47
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Quote:
Originally Posted by hunser View Post
^ Potential supertall!

http://www.crainsnewyork.com/article...pertall-towers

The little loophole helping developers build higher supertall towers

Developers are constructing skyscrapers on stilts

By Daniel Geiger


Suck it NIMBYs - you wanted a shorter tower, well now you'll get a supertall instead!
I made some fast calculations comparing property prices at different heights, and for a building the size and price of 432 park, raising the entire building 1 meter allows you to raise the total selling price by $16 million, but I don't know what would be the construction costs of that.
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Old February 9th, 2016, 12:52 AM   #48
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Quote:
Originally Posted by Torch View Post
Bad news: Height cut. New height unknown

From Ny.Curbed:
http://ny.curbed.com/archives/2016/0...ut_sources.php



The Real Deal on the other hand says: tower is down to 68 stories.

Article on the Real Deal:
http://therealdeal.com/2016/02/05/be...3-sutton-place
I'm pretty sure last we heard it was bumped up to 1000, maybe now it's back at 900?
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Old February 9th, 2016, 01:19 AM   #49
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It's not a height cut. The tower will be tall, but with fewer floors. The idea was explained here:

Quote:
Rather than using those precious square feet on lower, less-desirable floors, builders are jacking up the heights of their mechanical spaces, which don't count toward their allotted square footage, allowing them to start their residential units higher up. The result is like putting a skyscraper on stilts.

"Mechanical space simply isn't counted toward zoning floor area,"

Last edited by hunser; February 9th, 2016 at 01:54 AM.
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Old February 9th, 2016, 01:30 AM   #50
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Quote:
Originally Posted by hunser View Post
It's not a height cut. The taller will be tall, but with fewer floors. The idea was explained here:
Yea that makes sense, we recently heard the height was increased
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Old February 10th, 2016, 11:49 PM   #51
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Developer of controversial supertall condo tower faces foreclosure


http://www.crainsnewyork.com/article...es-foreclosure
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Old February 11th, 2016, 12:43 AM   #52
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Oh goody!

But anyway... there are more exciting projects in NY although the location was very good for this one. I'm not too sad about it.
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Old February 24th, 2016, 06:45 PM   #53
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Hot mess.

Judge denies Bauhouse’s bid to block 3 Sutton Place foreclosure sale

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A Manhattan judge has struck down Bauhouse Group’s request for an injunction against Gamma Real Estate and its planned foreclosure auction of Bauhouse’s 3 Sutton Place condo project.

The ruling means that Gamma Real Estate is, for now, allowed to proceed with a foreclosure sale of the 3 Sutton Place development site, at 426-432 East 58th Street in Midtown, currently scheduled for Feb. 29.

Bauhouse Group, led by Joseph Beninati, defaulted on nearly $129 million in loans last month that it had received from lender Gamma, led by Richard Kalikow, for its planned 68-story, Norman Foster-designed condo tower at 3 Sutton Place.

Bauhouse then filed suit in New York State Supreme Court against Gamma last week, and successfully received a temporary restraining order against the lender and its foreclosure auction of the site.

But the two sides met again in court on Tuesday, where a state Supreme Court judge lifted the temporary restraining order and ruled against Bauhouse’s bid for a preliminary injunction against the foreclosure sale, sources said.

It’s unclear whether Bauhouse will seek to appeal the ruling, possibly through the court’s appellate division. While Bauhouse’s lawsuit against Gamma was not dismissed and is still ongoing, the injunction sought against the foreclosure auction – which could very well see the developer lose control of the Midtown property – was a critical aspect of the complaint.
Representatives for Bauhouse did not return requests for comment, while representatives for Gamma declined comment.

Gamma has retained Eastdil Secured to market the 3 Sutton Place development site to potential bidders in advance of the foreclosure sale.
Bauhouse’s lawsuit against Gamma claimed the lender had made it “extremely difficult to access information” about the property in advance of the auction, with the goal of “chilling any bids” and assuring the lender was the sole bidder for the property.

Such difficulties included a confidential agreement implemented by Eastdil that “does not permit a bidder [on 3 Sutton Place] to give information about the project to his own lender” in advance of the foreclosure auction, Bauhouse’s attorney Stephen Meister told The Real Deal last week.

Gamma had provided Bauhouse with a roughly $127 million mortgage loan and a $20 million mezzanine loan to fund the planned 113-unit, 283,000-square-foot condo tower, which according to the developer’s complaint has an estimated market value “approaching $1 billion.”

Bauhouse has actively sought additional funding in recent months to finance the development, as TRD reported, as well as a joint venture partner to help bring the project to fruition. The developer received demolition permits for the Midtown site late last year.
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Old April 11th, 2016, 08:33 PM   #54
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Apparently this jobber is now in the hands of the bankruptcy judge.

https://christopherfountain.wordpres...tar-burns-out/
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Old April 11th, 2016, 08:41 PM   #55
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This is probably the end of 3 Sutton Place. The market is swinging towards smaller, less expensive units with a lesser degree of finish. This hothouse flower needed to go to ground three years ago when sales were rocking. Any new owner of the site will probably build something shorter and less glitzy (assuming they get a good price on land).
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Old April 11th, 2016, 10:02 PM   #56
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As a skyscraper fan I am sad to see this tower go, but as a someone who believes that more affordable housing is needed the decline of the ultra-luxury market is beneficial to rest of the market.
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Old April 13th, 2016, 03:07 AM   #57
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Quote:
Originally Posted by Tower Dude View Post
As a skyscraper fan I am sad to see this tower go, but as a someone who believes that more affordable housing is needed the decline of the ultra-luxury market is beneficial to rest of the market.
these do not have to be mutually exclusive events
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Old April 14th, 2016, 06:15 AM   #58
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One would think but the market evidence says that is the case that this
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Old April 15th, 2016, 07:30 PM   #59
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Quote:
Originally Posted by ophizer View Post
these do not have to be mutually exclusive events
In much of Manhattan it is. Land is just too expensive to build affordable or even non-super luxury units without some kind of subsidy.
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Old December 29th, 2016, 11:32 PM   #60
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this project is clinging to life under a new developer. Plans filed for a 844' tower with 67 floors, but it is uncertain whether the current developer will choose to go through with developing the site or sell it again.


After winning 3 sutton place at auction gamma files plans for 850 foot tower

Quote:
[...]
N. Richard Kalikow’s firm, which paid $98 million for the site and air rights earlier this month, submitted plans to build a 67-story tower with 389 apartments. The 262,069-square-foot building would have two units per floor on floors two through 66; amenities on the first five floors will include a playroom, lounge, gym and conference room, according to an application filed Wednesday with the city’s Department of Buildings.
[...]
But 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.”
[...]
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