Possible foreclosure for king-size condo development in Manhattan

  • 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.

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.