3 Sutton Place

Beninati’s 3 Sutton Place heading to the block Bankruptcy judge signs off on sale of defaulted condo project

From left: Joseph Beninati, Richard Kalikow and a rendering of 3 Sutton Place

A bankruptcy court gave the green light for a sale 爱上海

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of Joseph Beninati’s troubled 3 Sutton Place condominium project.

The development site and plans for a 262,000-square-foot condo tower drawn by Sir Norman Foster are now jointly up for sale. JLL’s Scott Latham, Richard上海千花网交友

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Baxter, Ron Cohen and Jon Caplan and Meridian Capital Group’s David Schechtman are marketing the property, located at 426-432 East 58th 新上海贵族宝贝论坛

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Street.

Beninati’s Bauhouse Group assembled the site with the help of a $130 million loan from N. Richard Kalikow’s Gamma爱上海

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Real Estate. But in January, Beninati defaulted on the mezzanine loan and subsequently filed for bankruptcy to prevent Gamma from foreclosing on the property. According to the New York Post, defaulted interest payments have since swelled the sum owed to $185 million.

In July, Beninati sued Gamma, alleging the lender conspired with Beninati’s attorney Richard R. Kalikow, who happens to be N. Richard Kalikow’s cousin, to take control of the project.

In another twist, Philip Pilevsky of Philips International recently began helping Beninati with funds and legal services. Last week, Gamma sued Pilevsky for allegedly interfering in the project. [NYP] Konrad Putzier

Tags: 3 Sutton Place, g上海千花网论坛

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amma real estate, Joseph Beninati
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