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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]
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