Bauhouse To Auction Off Sutton Place Site On Dec. 13

The Location Of Gamma Real Estate's Sutton Place Tower

2016 has been a rough year for many, but it's been especially rough for Joseph Beninati's Bauhouse Group.

After defaulting on a loan from Richard Kalikow and an LLC controlling the site going into bankruptcy, the firm will be auctioning off the strip of properties where it planned to build a 1,000-foot luxury condo tower on Dec. 13,with bids due by Dec. 8, Crain's reports.

If sold, it would be Beninati’s second loss in the year. In March, his High Line luxury condo project was taken over by investment firm Forum Absolute Capital Partners. The site’s still listed on Bauhouse’s website, so it’s unclear if the firm still has some stake in it.

Before the bankruptcy, Beninati met heavy resistance from locals, and the opposition to supertalls has only grown. A neighborhood group filed an application to block buildings taller than 260 feet. The proposal has received support from several officials, despite the height limit being just below the height of one of the group leader’s condos. [Crain’s]

Continue reading this story with a free account

Log in or register
Related Topics: Bauhouse Group
Sign up for more articles like this
Subscribe to Bisnow's New York Newsletters
Related Stories

NYC Is Building Hotels Again. It May Not Be Enough

Developers Scheme To Build More Housing Units As NYC's Tax Incentive Ages

Interest Rate Hike Douses Outlook For Atlanta Developers

Tishman Speyer Retakes Chrysler Building, Plans $235M Renovation

Why Hospitals Must Be Designed For Talent Retention

Activist Investor Buys Stake In Empire State Building Owner

DRA Buys Stake In 1301 Sixth Ave. At $1.3B Valuation: The N.Y. Deal Sheet

Major NYC Multifamily Firm Expands With Tech-Driven Operations

Hedge Fund Breaks NYC Record With $375-Per-SF Office Lease

Denver Construction Costs On The Rise, Surpass National Increases

How Structural Engineers Support Modern Healthcare Construction

Carnegie Mellon's Ken Griffin-Backed Campus Has Miami Developers Salivating