The Megatower Developer

joe-b

Joseph Beninati is the Managing Member at The Bauhouse Group and former co-founder at Antares Investment Partners. The Bauhouse Group is behind the development in question. For a sense of projects Beninati has been involved in with both companies, see below timeline and associated media coverage going back to 2007:

2015: Bauhouse’s latest development comes under fire within Sutton Place community. According to the NY Daily News, residents believe they may have been misled into selling air rights for a 30 story development, only to later see plans for a 90-story building in Bauhouse literature. 

2015: Legal fight between Beninati’s Bauhouse Group continues regarding an alleged outstanding commission for air rights on High Line property.

2014: Lawsuit moves forward against Beninati’s Bauhouse Group regarding a High Line property, including accusations of false claims made by Beninati.

2013: Beninati’s Antares Investment Partners is sued on claims they failed to pay commissions for air rights in their first NYC property acquisition.

2009: Beninati’s Antares Investment Partners fails to finish Harbor Point development project in Stamford, CT after losing “$4.5 billion in assets while betting on Greenwich megamansions during the housing boom.”

2009: The Connecticut Post runs a three part series on Beninati and the many missteps and losses of his Antares Investment Partners. Beninati and then partner James Cabrera could not be reached for comment.

2008: The New Yorker profiles Antares Investment Partners and Joseph Beninati. The article paints a similar picture to The New York Times profile and highlights several lawsuits including a specific case where a potential Antares project (that would later end as lawsuits piled up) “in effect, would be pricing out existing tenants, most of them elderly” in 2007.

2008: The New York Times profiles claims of mismanagement on investments by Beninati’s Antares Investment Partners along with claims that they violated “the offering memorandum terms by failing to repay investor capital ahead of other debt interests.”

2008: Beninati’s Antares Investment Partners is sued by a former partner for “violating the terms of an oral agreement and committing fraud and deceit.”

2007: Beninati’s  Antares Investment Partners faces foreclosure on its condominium-conversion projects at two Greenwich apartment complexes.