NEW YORK CITY—The Bauhouse Group has completed its assemblage at 426-432 E. 58th St. Additionally, Bauhouse recently completed the purchase of air rights, enabling the developer to construct a 269,000-square-foot residential building on the site.
“The history of Sutton Place combined with the neighborhood's proximity to the city's next generation of development—including the new Cornell Technology campus—makes our location one of the most desirable areas in all of Manhattan,” declares Joseph Beninati, managing member of Bauhouse. “We could not be more proud of the elegant building that our world class team is designing for this site.”
The residential development at Sutton Place will consist of approximately 95 condominium units. Construction is scheduled to begin construction this summer. As previously reported, Bauhouse paid $32 million to acquire three contiguous walkup apartment buildings at the site. Eastern Consolidated senior director Adelaide Polsinelli and her colleague, associate director Andrei Danshes, represented both Bauhouse Group and the buildings' seller, who was not identified, when the site first was put together in January.
“In the upcoming weeks we will present our specific plans for the site and conduct an open dialogue with members of the Sutton Place community,” says Chris Jones, co-founder of Bauhouse.
Around this time last year, the Bauhouse Group also created a Midtown South assemblage to create 515 Highline, a luxury condominium at 515 W. 29th St. said to be the only location in Manhattan framed on two sides by the famed High Line park. The $125 million development—comprised of the building and three pieces of air rights—spans 40,000 square feet of buildable square feet.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
