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.
Construction workers and equipment on the site of 428-432 East 58th as of late May; CityRealty
In this article:
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."
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.
Bauhaus had cobbled together an impressive chain of air rights to yield 270K of buildable area; NYC DOB
Would you like to tour any of these properties?
Related Articles
Williamsburg
Taking game night to the next level: 15 NYC condos with elevated game rooms and billiards tables
Friday, June 26, 2026
Future New York
Top 10 condos in Turtle Bay and Beekman-Sutton Place + New developments and price-reduced listings
Thursday, June 11, 2026
Future New York
Which exposure is right for you + Open houses with abundant natural light
Saturday, May 2, 2026
Future New York
Above It All: New development penthouses in NYC priced from $565K
Tuesday, March 31, 2026
New Jersey
Hudson House West: Two months free rent and hotel-style amenities at final building in Jersey City's Hudson House Collection
Friday, June 26, 2026
Future New York
New York’s Classical Revival: See the new Penn Station and traditional designs reshaping the luxury residential market
Wednesday, June 24, 2026
Future New York
Price Cuts: "Big" screenwriter's Cobble Hill townhouse trimmed by $900K; Lantern House junior penthouse drops below $10M
Wednesday, June 24, 2026
Future New York
6sqft delivers the latest on real estate, architecture, and design, straight from New York City.
