Bauhouse Group is apparently facing financial trouble amidst community opposition for it’s 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.
- 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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