Developer Gamma Real Estate is planning a new luxury-condominium supertower called The Sovereign on East 58th Street between First Avenue and Sutton Place. It has already purchased and demolished the four-story walkups that were there and has begun digging for the new tower's foundation.
New York is in the midst of allegations of a multi-million dollar contract breach. The issue involves the famed observation wheel. The wheel was designed to be the highlight of the redevelopment plan for the North Shore. It is touted to be a "must see iconic structure that will change the New York City skyline forever."