January 21, 2017
Gamma Real Estate filed its plan Dec. 29 to build an 850-foot tower at 3 Sutton Place, on the edge of the East River on the upper edge of Midtown.
The site at 3 Sutton Place has been the subject of lawsuits, a bankruptcy and neighborhood opposition to big development. Another developer, Joseph Beninati’s Bauhouse Group, had reportedly borrowed $147 million from Gamma to buy the site, with plans to build an even larger tower (pictured), topping out at 950 feet. When Bauhouse went bankrupt, Gamma reportedly won the site at auction in December.
Neighborhood groups opposed the previous plan, and also oppose the new plan from Gamma. They are trying to push a rezoning through in time to limit development on the site to just 250 feet.
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