The controversial, 900-foot tower set to rise on the Upper East Side has taken a significant height cut going down from the original planned 80 stories down to 62 stories, The Real Deal reports. While the number of stories have reduced, it's not immediately clear how much the actual height will reduce itself or whether there will be larger floors. Either way the project has received a great deal of pushback from community groups like the East River 50s Alliance, who have also now released a proposed zoning plan to ban megatowers in that part of the Upper East Side.
TRD got its hands on a letter sent out by one of the co-developers of the project, The Carlton Group, seeking money to finance the project, which goes by 3 Sutton Place. The documents reveal that the total size of the project will be about 286,000 square feet and that the units will be priced between $5 million and $6 million.
Carlton along with the lead developer on the project, the Bauhouse Group have struggled to find financing for the building since August last year, and even at a reduced height it is expected to cost about $750 million.
When we last checked in with the project, Norman Foster was slated to design the building, but according to TRD, his architecture firm has not been mentioned in the letter acquired by the publication.
· Beninati's Bauhouse seeks $80M mezz loan for 3 Sutton Place [TRD]
· East Side Rezoning Plan Aims to Halt Sutton Place Supertall [Curbed]
· Sutton Place's 900-Foot Tower Is One Step Closer to Rising [Curbed]