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  #101  
Old Posted Jan 24, 2016, 12:01 AM
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2) http://erfa.nyc/
     
     
  #102  
Old Posted Jan 24, 2016, 3:45 AM
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  #103  
Old Posted Jan 26, 2016, 1:35 AM
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NIMBYS say the darndest things...


Skyscraper Foes File Rezoning Plan to Impose Sutton Place Height Limit
Quote:
A neighborhood activist group has filed an application to rezone Sutton Place in an effort to block the building of new super tall skyscrapers and mandate the inclusion of affordable housing in any new development.

The East River Fifties Alliance, a community group that has fought tooth and nail against a planned 900-foot skyscraper on East 58th Street, filed the application on Thursday with the Department of City Planning seeking to impose a height cap on any new building east of First Avenue from 52nd Street to 59th Street.

Opponents of skyscrapers and neighbors in the area banded together in hopes of maintaining a contextual feel to the area and stop the demolition of affordable housing to make way for luxury towers, according to Alan Kersh, president of the East River Fifties Alliance.

“We are doing this so that the neighborhood isn’t ripped apart to the advantage of developers but to the ruin of the community,” said Kersh.

The proposed rezoning, like the existing R10 zoning that currently applies to the area, would also ban any commercial development— except for “community uses” such as medical offices and day cares — as well as impose a height cap limiting any new development to 260 feet, or about 25 stories.

The plan would also mandate that 25 percent of any new development be dedicated to on-site below-market-rate housing. In order to ease the fears of squeamish developers, the rezoning would allow a slight increase in maximum floor-area ratio, from 12 to 13, which would make way for slightly higher density than current zoning allows.

The group submitted the plan with co-signers including Borough President Gale Brewer and councilmen Ben Kallos and Dan Garodnick — all of whom would have to sign off on the rezoning if it were to pass a land-use review process — and State Senator Liz Krueger.

Unlike many residential neighborhoods in the city, Sutton Place currently has no height limit on new buildings, so developers can combine lots and buy unused development rights from neighboring lots in order to build towers like the one planned for East 58th Street.
======================
https://www.dnainfo.com/new-york/201...e-height-limit
     
     
  #104  
Old Posted Jan 26, 2016, 6:54 AM
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Now those are some proposals.....
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  #105  
Old Posted Jan 29, 2016, 3:38 AM
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The East River Fifties Alliance, a community group that has fought tooth and nail against a planned 900-foot skyscraper on East 58th Street, filed the application on Thursday with the Department of City Planning seeking to impose a height cap on any new building east of First Avenue from 52nd Street to 59th Street.

Good luck with that. Even if they were (by some magic) successful, it would be too late for this building.
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  #106  
Old Posted Feb 4, 2016, 7:54 PM
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Local Politicians Spearhead Request By 26th Floor Resident Of The Sovereign For 250-Foot Height Limit In Vicinity



The Sovereign
View of The Sovereign on the skyline from 400 feet up, image from drone footage for 432 East 58th Street


BY: NIKOLAI FEDAK 8:00 AM ON JANUARY 26, 2016

On Friday, Crain’s reported on a rezoning proposal to downzone Sutton Place and institute a 260-foot height limit on new developments in the area. What wasn’t reported was the real cause behind this not-so-arbitrary figure: the leader of the East River Fifties Alliance, Alan Kersh, happens to live on the 26th floor of The Sovereign, which at 47 stories tall, is almost double the height limit its residents want to force on new buildings in the blocks to the south.

The proposal is explicitly calling for a strict height limit that just happens to be ten feet below exactly below the floor of the person spearheading its implementation (a spokesperson for the ERFA sent YIMBY a note the height limit will be 260 feet, not 250 feet as originally reported). This number is not a coincidence, and shows how local politicians like City Council Member Ben Kallos are more than willing to kowtow to wealthy NIMBYs (as well as City Council Member Daniel Garodnick and Manhattan Borough President Gale Brewer, who are also backing the rezoning). Now, if you can assemble a large enough armada of lawyers, you too can apparently call on local politicians to say Not In My Backyard to skyscrapers in Midtown Manhattan.

The rezoning would disbar anything taller than 260 feet from rising in the air surrounding The Sovereign, which towers over the rest of the neighborhood. Units inside are on the market from $1.35 million to $5.95 million, although its residents have made attempts to sound like middle-class victims, with one owner offering up the tragedy that her Picasso would no longer have proper lighting.

A GIF prepared by Crain’s best illuminates the specificity of the rezoning. Each of the various sites with ample remaining air rights lies within the blocks immediately to the south of The Sovereign, and it is no coincidence that this rezoning is targeting the few blocks that could spoil the residents’ southern and eastern views.



Image via Crain’s


The noise created by these people is partially a factor of how grotesquely large The Sovereign is in the first place, with its oversized form aggregating enough marginally wealthy people into one place to create a monstrous entity capable of footing large legal bills and creating a racket in the press. Funny enough, Paul Goldberger characterized The Sovereign as “brutally destructive of the scale of 58th Street and Sutton Place” back in 1978, and at 47 floors in height, the new development limits proposed by its residents would allow it to retain prominence on the skyline forever, with views assured and property values kept artificially high as a result.

When judging the new 57th Street developments, vitriol often takes precedence over critique. And while buildings like 432 Park can prove aesthetically controversial, Foster’s design for 432 East 58th Street is about five hundred times more attractive than The Sovereign, which blocks more light and air than any of the 57th Street supertalls will. Its hulking form is a blight upon the neighborhood, unparalleled but somewhat echoed in the equally-appalling 400 East 56th Street, where the East River Fifties Alliance is holding their next meeting on the 40th floor Skylounge, 150 feet above the limit they want to institute to ‘save the neighborhood’.

Despite the fact that the eventual Second Avenue Subway is going to run adjacent to this neighborhood, meriting additional height and density, local politicians like Brewer and Garodnick would rather enable a handful of wealthy potential donors than serve the best interest of all Manhattanites.

Buildings like The Sovereign are ultimately the next round of Manhattan development that is going to become affordable through the process of filtering, especially as new and superior product rises in the surrounding blocks. The Sovereign’s pricy listings are quite unjustified for the quality of its construction, and a continued lack of supply is the only real reason that units in a hulking monstrosity still sell for so much. And this is why NIMBYs like the EFRA’s President, Alan Kersh, want to restrict height exactly below their view-lines.

Instead of allowing this soon-to-be-worth-much-less housing to filter down to lower income levels as has traditionally happened in New York City, empowered rich people can now afford to bog up city planning with arbitrary rezonings that would do nothing to preserve historic architecture or improve quality of life for citizens as a whole. Rather, this kind of action shows “citizen activism” at its absolute worst: an entitled group of super-rich individuals who want to deprive others of the right to live in New York City, and only to preserve the value of their property.

In fact, the East 50s should be a candidate for an upzoning, if anything. With Midtown East’s redevelopment also in the making, and with the new subway finally opening in the next few years, the neighborhood is a sensible location for a substantial number of new apartments.

While towers like the one proposed at 432 East 58th Street are beneficial, even larger buildings with more units would be better. Price-points in the neighborhood already justify new construction, but enabling developers to build with substantial boosts to FAR would increase supply in an area that could and should help meet the needs of a rejuvenated Midtown East.

Regardless of what should be done, New Yorkers must realize that what’s actually happening is being conducted without regard to the future of the city, to the benefit of a select few moneyed individuals. A rezoning with a height limit at a level one floor below that of its leading proponent is likely not a coincidence (according to ACRIS, Kersh purchased unit 26E for $2,000,000 back in 2009).

While both Brewer and Garodnick claim to vouch for affordability, preserving the views of a two million dollar apartment probably doesn’t fall within that scope, and would actually serve to prevent the unit’s price from dropping. This is an explicit attack on the natural filtering of housing stock, and a blatant effort to maintain interests of a few high-powered NIMBYs who have theirs and think you should get yours elsewhere.

http://www.yimbynews.com/2016/01/loc...-vicinity.html
     
     
  #107  
Old Posted Feb 4, 2016, 8:06 PM
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Exactly why Gale Brewer and Daniel Garodnick needs to be exposed for their self interests instead of the phony public image of caring for the little guy.
     
     
  #108  
Old Posted Feb 4, 2016, 8:27 PM
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I sent an email message to the Director of City Planning to read that YIMBY article. Hopefully he will ignore the NIMBYs.
     
     
  #109  
Old Posted Feb 4, 2016, 10:54 PM
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Make their proposal retroactive and see what their reaction is.
     
     
  #110  
Old Posted Feb 6, 2016, 12:37 AM
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Developer scales back plans for East Side skyscraper, which is now projected to cost $750M-plus

Quote:
oseph Beninati’s Bauhouse Group is seeking an $80 million mezzanine loan to fund his troubled residential skyscraper project at 3 Sutton Place, according to investor documents reviewed by The Real Deal.

The upcoming tower at 426-432 East 58th Street, which is facing fierce resistance from area residents, is now slated to be 68 stories tall — down from 80 stories in August. The total project size is slated to be 286,000 square feet, with condos slated to be priced between $5 million and $6 million. That’s according to a letter sent to potential lenders by the Carlton Group, which is trying to arrange financing for Bauhouse.

Sources said that Beninati has approached developers such as Michael Stern of JDS Development Group to partner up with him on the project. A source familiar with JDS said that though Stern had a preliminary discussion about the project, talks did not progress past that point. Reached for comment Friday, a JDS spokesperson said the firm was “definitively not involved” with the project. Douglas Elliman chair Howard Lorber is acting as a consultant on the project, according to the letter. A spokesperson for Lorber couldn’t be immediately reached for comment, and a spokesperson for Elliman declined to comment.

Bauhouse assembled the site and the necessary air rights for about $70 million, city records show. According to the letter, the project’s total pre-development costs will be $231 million, which includes a $71 million first mortgage, the $80 million mezzanine loan, and $80 million of equity. Total construction costs are slated to be $526 million, which includes $120 million in EB-5 funds.

Foster + Partners is slated to design the tower, according to previous news reports, but there was no mention of Foster in the letter. Representatives for Bauhouse declined to comment, as did representatives for Carlton.
=======================
http://therealdeal.com/2016/02/05/be...-sutton-place/
     
     
  #111  
Old Posted Feb 6, 2016, 1:20 AM
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Scales back? The opposite is true, and I bet there never was going to be 80 real floors.

http://www.crainsnewyork.com/article...pertall-towers

Quote:
[...]Like a long list of other developers in recent years, Beninati wants to raise the tallest tower he can—a spire that could reach as high as 1,000 feet. To attain such dizzying heights, Beninati plans to use a trick gaining in popularity among his peers: building apartments in the sky by not constructing as many down below.

The approach offers a clever interpretation of the regulations that govern how many square feet of livable space can be built on a development plot. Rather than using those precious square feet on lower, less-desirable floors, builders are jacking up the heights of their mechanical spaces, which don't count toward their allotted square footage, allowing them to start their residential units higher up. The result is like putting a skyscraper on stilts.
[...]
To raise his Sutton Place building's height, Beninati said his mechanical floors will be 24 feet high, far taller than mechanical spaces in projects built even just a few years ago, and about double the height of most residential floors in the property.
[...]
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  #112  
Old Posted Feb 11, 2016, 9:58 PM
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Developer of controversial supertall condo tower faces foreclosure


Quote:
The developer of a proposed supertall condo tower in Sutton Place that has drawn opposition from residents in the tony Manhattan neighborhood is facing foreclosure by one of its lenders.

Gamma Real Estate, a real estate investment and lending firm operated by N. Richard Kalikow, has started to take steps to seize the project, located at 426-432 E. 58th Street and owned by Bauhouse Group.

Gamma holds as much as $128.8 million in loans against the property, according to both its website and city property records, including mezzanine debt—loans that some developers obtain on top of a senior mortgage. The debt can be risky because they allow lenders to foreclose quickly. According to Stephen Meister, an attorney who represents Bauhouse in the foreclosure action, the Gamma debt expired last month.

In a statement, Bauhouse said the foreclosure action was premature and that it would secure other loans to pay off Gamma.

"The lender's flawed and incomplete legal steps to rush the auction are commercially unreasonable and will not withstand judicial scrutiny," the statement said.

Bauhouse added that there are "multiple sources of capital competing for the opportunity to finance the next round of the Sutton Place development and pay off the existing lender's full principal and interest."

An executive at Gamma declined to comment.

For months, Joseph Beninati, the chief executive of Bauhouse, has been trying to raise capital to begin construction of the nearly 1,000-foot-tall luxury apartment building. That task has become increasingly difficult as banks and other lenders have grown nervous about a possible glut of high-end, multimillion-dollar apartments in the city.

The building, called Sutton 58, would dominate the neighborhood and has attracted opposition from some of its neighbors, as well as local City Councilman Ben Kallos. One opponent, the East River Fifties Alliance, filed an application in recent weeks with the Department of City Planning to impose a height limit in Sutton Place that would stop the project from proceeding.

Last year, Bauhouse purchased three contiguous five-story apartment buildings and development rights from one adjacent property on East 58th Street for roughly $40 million with plans to raze the properties. Beninati recently told Crain's that his tower would have unique features, including views of the Atlantic Ocean from the building's top floors. He also planned to locate luxury amenities such as a gym and pool near the top of the building, an unusual move because developers generally reserve their highest floors for apartment space that they can sell at a premium.

Beninati said the planned amenity spaces would allow any resident at the tower to enjoy sweeping views and enhance the value of all the building's apartments.
============================
http://www.crainsnewyork.com/article...es-foreclosure
     
     
  #113  
Old Posted Feb 18, 2016, 3:50 AM
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A follow up on the article above. This project is starting to look FUBAR.
====================

Lender on controversial Manhattan condo tower project to hold foreclosure auction


Quote:
The Sutton Place site where developer Joseph Beninati wants to build a giant luxury condo tower may go on the auction block Feb. 29, as Beninati's Bauhouse Group struggles to pay lender N. Richard Kalikow's Gamma Real Estate.

The property, at 428-432 East 58th Street, is currently owned by the Bauhouse Group, which has envisioned building an apartment tower that could reach as high as 1,000 feet and has sparked neighborhood opposition for its soaring height.

Stephen Meister, an attorney representing Bauhouse, says his client owes about $147 million to Gamma, money that funded the purchase of the site and also costs associated with preparing the development project.

The auction, if it is held, will determine whether Gamma can seize the property or if a bidder is willing to buy it at a price high enough to pay off the project's debts, which are growing rapidly. Meister said that Gamma has since been charging Bauhouse $100,000 a day in default interest, a sum that has already accrued to at least $1.7 million.

Kalikow's Gamma Real Estate has hired the brokerage firm Eastdil Secured to market the site to potential bidders.

Beninati's Bauhouse Group paid about $40 million last year for three adjacent five-story residential buildings on East 58th Street along with development rights from a neighboring property at 426 East 58th Street.

The potential foreclosure pits Beninati, a risk-taking real estate developer, against Kalikow, a savvy lender unafraid to take control of the property.

Tough terms

Meister says the loan’s terms were onerous, with Gamma Real Estate charging Bauhouse a $40 million fee on top of the debt due upon the loan’s repayment. For months, Beninati struggled to secure construction financing to pay off Gamma and start building.

Lenders have grown wary of backing new ultra-luxury development and Bauhouse’s agreement with Gamma expired in January, Meister said, throwing the loan into default. Bauhouse is likely to launch a lawsuit to block or delay the foreclosure and buy it more time to secure new loans or investors to pay off the debt to Gamma and hold on to the project. At press time, there was no indication that a suit had yet been filed.

Foreclosure on the project, known variously as Sutton 58 and 3 Sutton Place, could presage similar disputes. Real estate investors often buy development sites in the city with relatively short term, high interest loans, like Bauhouse did, that they then count on replacing with construction financing when they’re ready to build. But with banks pulling back, real estate experts predict more developers will be caught holding stalled projects that fall into default when their current debt expires.
========================
http://www.crainsnewyork.com/article...roject-to-hold
     
     
  #114  
Old Posted Feb 18, 2016, 6:25 PM
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I kind of forgot about this project... oh well, it was never the most exciting thing going up in the city anyway albeit would have been a nice addition. Hopefully something good replaces it.
     
     
  #115  
Old Posted Feb 18, 2016, 6:32 PM
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Quote:
Meister says the loan’s terms were onerous, with Gamma Real Estate charging Bauhouse a $40 million fee on top of the debt due upon the loan’s repayment. For months, Beninati struggled to secure construction financing to pay off Gamma and start building.
That's ridiculous.
     
     
  #116  
Old Posted Feb 19, 2016, 1:32 AM
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LOL.


Quote:
Originally Posted by chris08876 View Post
A follow up on the article above. This project is starting to look FUBAR.
====================

Lender on controversial Manhattan condo tower project to hold foreclosure auction



========================
http://www.crainsnewyork.com/article...roject-to-hold

This is one of those cases where it's not a bad thing if it does go to auction. Some developer will build.
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  #117  
Old Posted Feb 19, 2016, 1:53 AM
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From what I've heard, Bauhouse doesn't have the best track record. They apparently botched a condo conversion in Greenwich, CT which lost them $100 million in value so I'm not entirely surprised they've been having trouble here. I can honestly see Extell or maybe JDS snapping up this site and getting the ball rolling.

But the fate of the Norman Foster design is up in the air. I'd like to see him be retained by whoever takes over, but the current design is far from his best work so hopefully he'll come up with something even better.
     
     
  #118  
Old Posted Feb 19, 2016, 4:36 AM
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I'm just worried that will be a flop if the wrong developer gets it.
     
     
  #119  
Old Posted Feb 22, 2016, 9:03 PM
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Developer of proposed luxury condo tower to make last-ditch effort to stave off foreclosure

Quote:
Developer Joseph Beninati is set to face off against his lender in State Supreme Court in lower Manhattan on Tuesday in a last-ditch effort to hold onto a development site where he is planning to erect a 950-foot-tall ultraluxury condo tower.

The property, at 428-432 E. 58th St., is being foreclosed on by Gamma Real Estate, a lender and real estate investment firm owned by N. Richard Kalikow that holds $147.25 million of debts against the property.

Beninati, who is represented by attorneys Stephen Meister and Kevin Fritz, has requested a court-ordered temporary restraining order that would postpone a foreclosure auction planned for Feb. 29. If Beninati is successful, it could allow him more time to try to secure money from lenders and/or investors to repay Gamma and hold onto the site. If not, Beninati, the founder of Bauhouse Group, will likely lose the property and potentially millions of dollars he has invested in the project.
=============================
http://www.crainsnewyork.com/article...t-ditch-effort
     
     
  #120  
Old Posted Feb 23, 2016, 1:36 AM
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Meh. We've got too many high profile skycrapers to keep track of to be stuck in the muck with this....
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