Following Gamma Real Estate’s purchase of the troubled Sutton Place tower site last December, the developer has now picked Danish bigwig Thomas Juul-Hansen to design the new tower that will rise at the site, the Commercial Observer has learned.
After a year packed with legal troubles for the former owner of the site (the Bauhouse Group), Gamma Real Estate acquired the property through a foreclosure sale for an estimated $98 million. That sale closed this week for $86 million, and it turns out Gamma shelled out an additional $12 million for air rights, according the Commercial Observer.
Since their purchase, the developer has already demolished the three tenement buildings that existed at 428-432 East 58th Street in order to move forward with their project.
Plans for Gamma’s skyscraper at 3 Sutton Place were announced towards the end of December last year and called for an 844-foot tower with 389 apartments. They’ve since scaled back their plans and decided to build a 700-foot, 67-story tower with the same number of apartments.
It remains to be seen how Midtown East residents will react to this project after their strong opposition to Bauhouse’s 900-foot skyscraper. The head of Gamma, Jonathan Kalikow, told the Commercial Observer, that their design will be a lot more contextual with the neighborhood, but let’s wait on the design to make a verdict on that.