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Manhattan Site for Supertall Condo Finds New Owner at Auction

By Tony Seruga

Lender poised to take control after $86 million winning bid
Developer Bauhouse planned 950-foot tower, angering neighbors

3 Sutton Place. Source: Cushman & Wakefield

A development site slated for an almost 1,000-foot condo tower on Manhattan’s far east side found a new owner through a bankruptcy auction Tuesday, removing a hurdle for construction after about a year of delays.

Gamma Real Estate, the lender to the project, won the auction with a credit bid of $86 million and is poised to take control of the site, pending approval from the bankruptcy court, said David Schechtman, a broker with Meridian Investment Sales, which handled the auction with another brokerage…

Manhattan Site for Supertall Condo Finds New Owner at Auction

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