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Features

428-432-East-58th-Street-05 Google Earth aerial showing a 700-foot-tall tower at Gamma's site
The race is on to complete the foundation of Gamma Real Estate’s condo tower slated for the tranquil enclave of Sutton Place. After prevailing in court and capturing the site in a foreclosure auction from Bauhouse Group, Gamma has wasted no time moving ahead with their plans. Per the Commercial Observer, the Richard Kalikow-led real estate firm closed on the site in April for $86 million. Days after securing the lot, building permits were filed for a 67-story tower —and more recently— construction equipment has moved onto the site to begin excavation work.
432-East-58th-Street Construction workers and equipment on the site of 428-432 East 58th as of late May; CityRealty
432-East-58th-Street-04 Construction fence sign with the tower wireframe; CIityRealty
The controversial project has incited outrage from nearby residents due to its envisioned height (which is planned to be the tallest in the area). It is located midblock at 428-432 East 58th Street, across from the 47-story co-op, The Sovereign, which is where much of the opposition lives.
The opposition has coalesced into a group known as The East River Fifties Alliance (ERFA) and is positioning itself to begin a public review process to substantially downzone the area and prevent future towers from reaching the same height. In a recent newsletter, the organization says "ERFA remains optimistic that its re-zoning plan will be approved and that such re-zoning approval will be obtained prior to the developer substantially completing its building foundation."
3-Sutton-Place Approved zoning drawings via NYC DOB

The group, along with several public official allies, are challenging Gamma’s project —claiming that plans submitted to the DOB do not comply with zoning regulations that govern lots intended to front wide streets. Recently-approved zoning drawings, filed by the project's executive architect, Stephen B. Jacobs Group, show the wireframe of the slender tower soaring nearly 900 feet tall. But in actuality, per The Observer, it will only rise to approximately 700 feet. The same article states that Dutch architect, Thomas Juul-Hansen, will design the building ant that it will hold 125 condominiums.

3-Sutton-Place Bauhaus had cobbled together an impressive chain of air rights to yield 270K of buildable area; NYC DOB
One-of-a-kind triplex townhomes designed by Thomas Juul-Hansen. View Property
1-4 bedroom residences priced from $2.085M. Immediate occupancy. View Property
Waterfront fresh, amenity-rich, modern luxury studio, 1, 2 & 3 bedroom rentals View Property
The Olivia sets a new standard of no-fee rental living, seamlessly combining design & modern-day conveniences. Residences range from Studios to 2-Bedrooms, featuring condo-level finishes and iconic city views. View Property
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