Bauhaus Collects $38M Worth of Air Rights for 3 Sutton Place

Bauhaus Group, the development firm led by Joe Beninati (pictured), has gathered 109k SF of air rights for $37.9M. The rights will be used for 3 Sutton Place, the firm's Midtown East development site at 426-432 East 58th St. Plans call for a 90-story, 268k SF, 95-unit glass condo tower designed by Foster + Partners, The Real Deal reports. Bauhaus collected the rights from five different properties. The site was purchased in January for $32.3M. [TRD]

Continue reading this story with a free account

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

Where Capital Meets Opportunity: Navigating The Next Wave Of CRE Financing At Bisnow’s Event On Sept. 30

Discussing Strategic Capital Stack Structuring At Bisnow's Sept. 30 National Finance Event

With Occupancy Brimming, Investors Pile Into Bay Area Apartments

FBI Drops Investigation Into Financially Troubled StoryBuilt

Bally's Lines Up $560M Loan For Bronx Casino: The N.Y. Deal Sheet

GTIS Partners Rebrands As Brightshore Capital, Launches $250M Debt Platform

Data Center Spills 5,000 Gallons Of Fuel Into New Jersey River

Historic Brooklyn Hotel To Be Turned Into Ritz-Carlton-Branded Condos

Dublin BTR Had A €1B Summer

Sales Of Lower-End Apartments Surge In Philly As Landlords Face Financial Issues

Wu Proposes Tax Breaks To Jump-Start Stalled Housing Projects

Taconic Partners Sheds Another NYC Life Sciences Property