Archinect - News

Foster + Partners-designed 3 Sutton Place shelved after developer defaults on loans

2016-03-01T16:52:00-05:00

3 Sutton Place, a planned 950-foot-tall, 68-story Manhattan condo tower, won’t be materializing along the East River. After defaulting on $128.8 million in loans from lender Gamma Real Estate, developer Bauhouse Group‘s site at 426-432 East 58th Street will face foreclosure sale February 29th. The site currently houses three contiguous five-story apartment buildings, which Bauhouse purchased to make way for the massive Foster + Partners-designed midtown skyscraper project.

Interested in other articles about Foster and Partners? Check out some of our past coverage:

Blighted Cities Prefer Razing to Rebuilding

2013-11-20T20:11:00-05:00

Shivihah Smith’s East Baltimore neighborhood, where he lives with his mother and grandmother, is disappearing. The block one over is gone. A dozen rowhouses on an adjacent block were removed one afternoon last year. [...] For the Smiths, the bulldozing of city blocks is a source of anguish. But for Baltimore, as for a number of American cities in the Northeast and Midwest that have lost big chunks of their population, it is increasingly regarded as a path to salvation.

In light of yesterday's decision to allocate a chunk of the $13 billion JPMorgan Chase mortgage settlement to anti-blight measures across the country, I also recommend this NPR interview with Jim Rokakis, director of the Thriving Communities Institute in Cleveland, Ohio.

NPR host Melissa Block: "How much do you figure it cost to tear down a house?"

Jim Rokakis: "It's an average of about $10,000 a home. So in a state like Ohio where there's still around 85 to 90,000 vacant, abandoned, never-to-be-reoccupied houses, it's an 815, $900 million problem."

You Can Buy Mies Van Der Rohe's Detroit Towers at a Foreclosure Auction — But There's a Catch

2012-07-03T17:01:00-04:00

... the buyer will be contractually obligated to shell out over $10 million to execute a detailed, 80-page list of renovations, ranging from a handful of new peepholes to a sweeping overhaul of the buildings’ bathtubs. On top of that, the buyer must deposit just over $2.5 million into an escrow account that HUD can access in the event that repairs are not on schedule, as evidenced in the illustrated quarterly progress reports the buyer will be required to send.

Maxxi museum faces closure

2012-04-25T18:36:00-04:00

The Italian government has 20 days in which to decide the fate of the country's national contemporary art museum, the Maxxi, which opened in Rome just two years ago and was designed by the Anglo-Iraqi architect Zaha Hadid.