• Gamma Real Estate, the lender behind Bauhouse’s latest project located at 3 Sutton Place, is initiating a foreclosure on the planned development.
  • Loans on Sutton 58 expired last month.
  • All-encompassing, the real estate investment firm is looking to get back the $128.8 million it lent to the developer, a debt figure derived from city property records.
  • Local residents and advocacy group East River Fifties Alliance hastily met with the Department of City Planning to place height limits on new buildings before Sutton 58 could begin construction.

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by CareyBot

3 Sutton Place/Google Maps Bauhouse Group is apparently facing financial trouble amidst community opposition for its latest development. Gamma Real Estate, the lender behind Bauhouse’s latest project located at 3 Sutton Place, is initiating a foreclosure on the planned development, Crain’s New York Business reports. Loans on Sutton 58, the massive condo development that sent neighbors and community members into a frenzy since they laid eyes on brochures of Joseph Beninati’s 80-story skyscrapers, expired last month. According to Gamma’s website, it has advanced $63 million for first mortgage and mezzanine to Bauhouse Group. All-encompassing, the real estate investment firm is looking to get back the $128.8 million it lent to the developer, a debt figure derived from city pr...