Paying $86 million, plus $12 million for air rights, Gamma Real Estate has closed on its acquisition of the development site at 428-432 East 58th Street, located in the Sutton Place section of Midtown East. The closing brings with it news that the new property owner is planning to develop a 700-foot-tall residential tower with condominium units, Commercial Observer reported. It will be designed by Thomas Juul-Hansen’s firm, with Stephen B. Jacobs Group as executive architect.
Building permits are currently on file for a 67-story, 389-unit tower that would rise 856 feet, although these plans are out of date. The 6,000-square-foot site is now vacant. Crews finished demolishing three five-story townhouses last month.