The 800-foot tower proposed for East 58th Street was first begun by Connecticut developer Joseph Beninanti, who took a huge financing gamble and ultimately lost the property to one of his lenders, Gamma Real Estate. During the foreclosure process, a coalition made up of nearby residents opposed to the soaring scale of the building and City Councilman Ben Kallos began advancing a rezoning proposal to cap heights in the area. The goal was to push through changes before Gamma completed the foundation work, which would have ensured that the project would be subject to existing zoning rules.